Halley Team
Jim & Crystal Halley
November 2021
"Put Our Family to Work for Your Family"

Loan-to-Value Ratio Explained
When you’re buying a home, you’re likely to hear a lot of terms, some of which you may be unfamiliar with. One of those might be the loan-to-value ratio or LTV.
      LTV is a comparison between the amount of the loan you hope to borrow against the appraisal value of the property you’re trying to buy. Lenders use this comparison to determine the level of risk a loan is for them, as they’re deciding to approve or deny it. The LTV is also used to determine if you’ll need mortgage insurance.
      The higher your LTV ratio, the more risk a lender might see.
      A loan-to-value ratio provides details about how much of a
Mortgage Rates
U.S. averages as of November 2021:

30 yr. fixed: 3.14%
15 yr. fixed: 2.37%
5/1 yr. adj: 2.56%

of a property you own versus what you owe on the mortgage you used to buy it. While LTV is most frequently for mortgages, it’s sometimes used for car loans and refinancing
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Credit Inquiries: Hard, Soft and No In-Between
     When you get a copy of your credit report, you’ll see much more than just the credit accounts you have or have had. You can see your mortgage history, for example. You’ll see the original balance, the current balance, how old or new the mortgage is and what the monthly payments are. Next, you’ll see your payment history which will show any payments made more than 30, 60 and 90 days past the due date. Other credit accounts will show similar information. But the credit report will show more than just your credit accounts. It will also show something else referred to as ‘credit inquiries.’ What’s a credit inquiry?
      A credit inquiry is simply a third party looking at your credit report. There are two such types of credit inquiries. A hard and a

Safety Tips for Showing Your Home
     Showing your home is an integral part of the overall process to ultimately sell it. Even before the COVID-19 pandemic, there were concerns about being safe when strangers came to look at your home. Now, with the pandemic continuing, homeowners are even more cautious.
      With that in mind, the following are some general safety tips when you show your home, but also some related to COVID-19.
      Avoid An Open House If you’re a seller, you might want to talk to your agent and tell them you don’t want to have any open houses. A lot of real estate agents don’t think they’re beneficial anyway. During an open house, you’re taking a more significant risk than you are if you have scheduled private showings.
      During an open house, it’s not only more likely that someone could target your valuables or look around to come back to your home later, but you also have more exposure to

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What is An All-Cash Offer When Buying a Home?
     If you’ve ever watched a real estate show, particularly one that centers on the luxury market, you’ve probably heard quite a few references to all-cash offers. In the current market with low inventory and bidding wars, all-cash offers are a popular way for buyers to compete.
      You may find yourself wondering what that means.
      There’s a secret to an all-cash offer you may not be aware of—you can still get a mortgage.
      The Basics of An All-Cash Offer An all-cash offer means that a buyer plans to pay cash for the home they’re putting an offer on. The key here is that the buyer, in doing so, can prove they have the money in the bank to do that. A cash offer is appealing for a seller because it makes for a faster process with fewer chances for something to go wrong along the way.
      If a buyer plans to get a mortgage, they’re riskier for a seller. The less financing has to be involved in a deal, the better from the seller's perspective.
      If someone buys a home without financing, they’ll either use a

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How Do Student Loans Affect Your Ability to Buy a Home?
Getting Help with a Down Payment
When Refinancing, Are You Just Starting All Over?

Jim & Crystal Halley Associate Broker CDPE CRS
E-mail: crystalhalley@remax.net
Website: www.halleyteam.com
Cell: 248-568-0038

RE/MAX Classic
248-348-3000 x209
26870 Beck Rd.
Novi, MI 48374

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