I hope everyone is having a great time and learning a lot over at Agent Reboot today!  Thanks for the massive amount of questions yesterday.  You guys have supplied me with some awesome discussion topics for future videos.  Keep ’em coming!

I don’t want you to be afraid to ask the hard questions.  That is what I’m here for!  Lets see if you can stump me!  I welcome the challenge.  To help encourage the tough questions, I will give anyone a $100 American Express gift card if they can send me a mortgage question I can’t answer.  Let’s have some fun with it!!

In today’s video, I answer Kevin Hill’s question about owner occupancy if you let the seller live there for a while until their home purchase goes through.  It’s a tough one, but I have an answer.

There’s more in today’s video:

(Watch it on your mobile phone or email reader here)


Today’s question is from real estate agent Kevin Hill.  In response to the video I did on being up front with your occupancy, he asked “What if the owner intends to live there, but grants a use occupancy for the seller to stay there until the home he is buying closes?

The key is INTENT.  If your buyer intends to live in the property they are on the right track.  The guidelines state they must take occupancy within 60 days on a conventional loan.  Now with that being said, I am not sure the investor would be knocking on their door at 65 days.  Anything after 60 days would be at your own risk.  Any investor could call the note due and payable after the 60 days, so to be on the safe side I would play by the rules.

Bonds are starting the day in the negative territory.   Today is going to be a very interesting day as the fed releases their interest rate decision and monetary policy statement.  This will have some impact on rates.  We will have to see how much.  Mr. Bernanke is giving his first ever chairman’s new conference today at 2:15 Eastern.  Needless to say it is going to be a bumpy ride today.

My advise it still to lock!

Today’s rates with NO lender fees are 4.75% on a 30 year, 4.0% on a 15 year and 3.125 % on a 5/1 ARM.  These are best rates I found today with NO lender fees.

If you’re in the Milwaukee area stop on by to say hi.  I be there listening to  Gary Vaynerchuk  and it will be a great time.  Milwaukee is fun every night, even Tuesdays.  Click here to find out where we will be.  I look forward to seeing you there.

Also, if you have a minute, please share today’s video with the world any way you like (use a carrier pigeon if you want), and let’s change the way people shop for a mortgage forever!

See you tomorrow!!

– Mike


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