News and Tips

What is a QR code?

23 Jul , 2011  

QR is short for Quick Response (they can be read quickly by a cell phone). They are used to take a piece of information from a transitory media and put it in to your cell phone. Once it is in your cell phone, it may give you details about that business.

The reason why they are more useful than a standard barcode is that they can store (and digitally present) much more data, including url links, geo coordinates, and text. The other key feature of QR Codes is that instead of requiring a chunky hand-held scanner to scan them, many modern cell phones can scan them. The cell phone needs a QR code reader, which are free to download from a variety of app stores . It takes only minute for someone with an iPhone or Android phone to find and install a reader.

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News and Tips

Jumbo financing

13 Jul , 2011  

Send your clients, friends and family to Cunningham & Company for great fixed, ARM or Interest Only ARM Jumbo loans for purchase or refinance of Primary Homes or Second Homes.

We offer a spectrum of competitively priced loan programs with in-house processing and common sense underwriting.

Some of our Jumbo products allow non-warrantable condos, high rise condos and borrowers with more than 4 financed properties.

Things to be aware of with a Jumbo loan:

• There may be 2 appraisals, and the lesser value of the 2 is what the underwriter will compare to the contract price.
• Loans available up to $2 Million
• LTV maximums are determined by the loan amount and range from 65-80%

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News and Tips

Renovate, Repair and Revitalize your home with the FHA 203(k) mortgage

7 Jul , 2011  

It can be expensive to repair or modernize an existing single family residence. Save time and money by borrowing against the value of the property after improvements with the FHA 203(k) loan.

This 30 yr fixed loan can be used for the purchase or refinance of an owner-occupied primary residence and is underwritten with the same credit guidelines as a regular FHA loan- the same 3.5% minimum down-payment, same 6% maximum seller paid costs, same $303,750 maximum loan amount in the greater Charlotte, NC area and best of all, a great FHA rate!

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News and Tips

Three Tips To Sell Your House Fast!

7 Jul , 2011  

There is no doubt that the housing market is improving.  But there are still lots of great homes just sitting on the market and not getting the showings they should.  Here are three things you really need to make sure you have to get that house sold!

1- Get a good Real Estate Agent.  Just because you have a “friend” that does it part time doesn’t mean they will get your house sold.  You need an agent who is dedicated and focused on doing everything they can to sell your house.  And make sure you take their advise- remember they are the professional.

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News and Tips

Identity Theft

23 Jun , 2011  

A few steps may help reduce your chance of becoming an Identity Theft victim!
1. Check on Credit/Debt cards statements daily- if possible twice a day is even better!
2. When possible, go in the bank to make cash withdrawals, but if you have to withdraw money from an ATM then do the following. Shake the slot were you slide your card; if the slot moves do not slide your card in. Put your hand over the keypad while typing your pin number.
3. Run an annual free credit report from all 3 major reporting agencies but split getting the reports in 4 months alternating the reporting agencies.
4. Children 14 and younger should also have an annual credit report obtained as they are often victims.
5. Identity Theft is not only going to affect your credit but it could also affect you with criminal acts.
6. If your insurance company offers any kind of Identity protection, make sure it is added to the policy. State Farm’s Identity Restoration only cost $25.00 a year. You are assigned a case manager that will help you every step of the way.
7. Identity Restoration does not pay the debt but it will help cover the cost of attorneys and other expenses coming from someone taking your identity.

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News and Tips

The true cost of cheap websites

6 May , 2011  

I don’t think a week goes by that we don’t get an inquiry where the client admits that they’ll go with the cheapest quote. A few days ago I had one such lead where I gave a ballpark price and the response was, “Oh, but apparently some people can do that job for $1500.” The fact of the matter is anyone claiming to be cheap isn’t going to be any good—and the staggering amount of people out their brazenly offering “cheap websites” only compound the problem, making people think if you’re paying the kind of rates a true professional would charge, you’re being ripped off.

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News and Tips

Five to Ten Financed Property Program

4 May , 2011  

Clients buying a Primary Home using a Conforming loan can have up to 10 financed properties including the new purchase. Most people think the maximum is 4 financed properties when the subject is a Second Home or Investment Property.

Think again!

Cunningham & Company Mortgage has a 5-10 Financed Property Program for individuals buying a residential Second Home or Investment Property. Some of this program’s special guidelines over and above the usual Conforming guidelines are:

*Maximum 75% Loan to Value on purchases, 70% Loan to Value on refinances
*Minimum 720 credit score
*Extremely clean credit – no bankruptcy, foreclosure, mortgage late payments or other derogatory history
*6 months reserves for each financed property including the new purchase

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News and Tips

Life Insurance Q&A 101:

29 Apr , 2011  

Question: Why do I need life insurance?

Answer: To protect your loved ones from financial hardship and complete financial ruins

Question:  I can’t afford life insurance.

Answer: Yes you can! We can work with any budget (some life insurance is better than not having any life insurance at all!)

Question: How can I afford life insurance when I lost my job?

Answer: How bad would it be for your family if you die and have no life insurance? If you are in a bad situation now just imagine how bad it will be for them if you don’t have any life insurance? We can work with you to help you obtain life insurance!

...read more!

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News and Tips

Useful Home Sales Tool: 2-1 Buydown

21 Apr , 2011  

Have a tired listing? Maybe a 2-1 Buydown will attract new prospective buyers.

Benefits:

Sellers maintain the home’s price and offer a strong competitive advantage.
Qualified Buyers receive a lower interest rate in the first few years of home ownership, giving them an initial lower payment with no surprises
In some cases, buyers can qualify at the lower bought-down rate – a great feature for buyers who anticipate rising income in the first years of the loan.
A wide variety of fixed rate and fixed period Arm loan programs allow Buydowns.
Example:

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News and Tips

Convert an existing primary home to a rental property

31 Mar , 2011  

Did you find your dream house before selling your existing home? Are you hesitant to put your house on the market now because of reduced appraisal values? There are several ways to turn your current home into a rental property and qualify for another Conforming home mortgage ($417,000 or less).

1) If you have 30% equity (per recent appraisal) in the current home and want the rental income to help offset your debt, you need a 2 yr history (per tax returns) of managing rental property. Your lender will ask for a copy of the fully signed rental agreement, security deposit and deposit of security deposit to your account. You’ll need to have at least 2 months of the total payments (PITI) of both the rental and new home in reserves (in addition to what you will need to close on the new home).

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