• First mortgage (97%) = $388,000
• Second mortgage (3%) = $12,000
• That adds up to 100% financing — the entire purchase price covered.

• Principal & Interest: $2,581
• Estimated Taxes: $500
• Home Insurance: $300
• Mortgage Insurance: $325

• Income and debt-to-income ratio
• Credit score
• Property location (some programs are specific to certain areas)

The post I don’t have a down payment to buy a house. Is 100% financing still a thing? appeared first on Christie Mitsumura Blue Seas Team.

Buying a home is one of the biggest financial moves you’ll ever make. And if you’re planning to buy in 2025, setting up the right financial accounts now can make all the difference between a smooth homebuying experience and unnecessary stress.

As a mortgage broker, I’ve helped countless buyers navigate the process, and I can tell you firsthand—financial preparation is key! So, let’s break down the four essential accounts you should have before you buy a home.

1. Checking Account – The Hub for Your Finances

Your checking account is where your financial transactions happen—paying bills, covering daily expenses, and managing cash flow. But here’s the mistake many homebuyers make: keeping too much money in their checking account.

Your checking account should only hold enough money to cover three months of expenses at any given time. Why? Because idle money sitting in a checking account isn’t working for you. Interest rates on checking accounts are typically very low, meaning your money isn’t growing. Instead, use this account strictly for expenses and keep your excess funds in high-yield savings accounts where they can earn interest.

2. High-Yield Savings Account (HYSA) – Your House Fund

If you’re planning to buy a home, you’ll need funds for your down payment, closing costs, and initial home expenses—and this money needs to be in a safe place where it can grow. That’s where a high-yield savings account (HYSA) comes in.

Unlike regular savings accounts, HYSAs offer higher interest rates, typically around 3.75% or more. This means your money grows while you’re saving, helping you reach your homeownership goal faster. Look for an HYSA with no fees and easy access, so you can withdraw your funds when it’s time to close on your home.

3. Emergency Fund – Your Safety Net

Life happens. Unexpected car repairs, medical bills, or job changes can throw a curveball at your finances. The last thing you want is to be financially stretched right before (or after) buying a home.

A good rule of thumb? Keep 3-6 months’ worth of expenses in a separate HYSA dedicated to emergencies. Some banks allow you to create sub-accounts within your HYSA, making it easy to separate your emergency fund from your house fund while still earning interest.

An emergency fund provides peace of mind, ensuring that you can handle surprises without dipping into your home savings or disrupting your mortgage payments.

4. Retirement Accounts – Thinking Long-Term

While buying a home is a major financial milestone, it’s not your only financial goal. Retirement planning should still be a priority, even when saving for a house.

If your employer offers a 401(k) with a match, contribute enough to get the full match—it’s free money! After that, consider opening an Individual Retirement Account (IRA) to further grow your retirement savings.

Not sure if you’re on track? Tools like Vanguard’s retirement calculator can help you estimate your future savings and adjust your contributions as needed. While your home is an investment, you don’t want to neglect the bigger picture of long-term financial security.

Final Thoughts: Build Your Financial Foundation Now

Buying a home is exciting, but it requires smart financial planning. Setting up these four accounts will put you in the best position to purchase a home without unnecessary stress or setbacks.

As a mortgage broker, my goal is to help you navigate the homebuying process with confidence. If you’re preparing to buy in 2025, let’s talk about your financial goals and mortgage options. Send me a message, and let’s get you on the right path to homeownership!

The post If You’re Buying a Home in 2025, You NEED These 4 Accounts in Place! appeared first on Christie Mitsumura Blue Seas Team.

Are current interest rates keeping your clients from their real estate goals?

Sign up for my upcoming Zoominar on 12/15/2023 or schedule a 121 call with me today! If you prefer coffee talks let’s do it (808)276-6855!

Let me help you achieve your real estate dreams in this current market.

CLICK here to schedule a 121 with me

CLICK here to reserve your spot for the December 15th Zoominar, space is limited.

The post Graduated Payment Mortgage Program appeared first on Christie Mitsumura Blue Seas Team.

Joining this series will give you priceless information you need to reach your goal of homeownership. I will be sharing with you from start to finish of the homebuying process, to ensure you will know what to expect, and help you prepare to secure the best future for you and your family.

The post Homebuying Success Series appeared first on Christie Mitsumura Blue Seas Team.

Who should attend?

Anyone who…

• is tired of RENTING…
• has thought of purchasing a home in Hawaii
• would like to learn homebuying preparations
• would like to learn about down payment assistance & our EXCLUSIVE buyer advantage programs

Join me as I share information about the process and programs with First Time Homebuyers.

I provide more than an “Approval”,  “Denial”, or “Button” service. I work with you to SUCCESS. Taking you from Renters to Owners!

Servicing all of Hawaii for over 23 years, “Making a difference in the lives of others”

TAKE THE FIRST STEP – REGISTER HERE TODAY⇐

The post Renters to Owners Zoominar – Jan 2023 appeared first on Christie Mitsumura Blue Seas Team.

Who should attend?

Anyone who…

• is tired of RENTING…
• has thought of purchasing a home in Hawaii
• would like to learn homebuying preparations
• would like to learn about down payment assistance & our EXCLUSIVE buyer advantage programs

Join me as I share information about the process and programs with First Time Homebuyers.

I provide more than an “Approval”,  “Denial”, or “Button” service. I work with you to SUCCESS. Taking you from Renters to Owners!

Servicing all of Hawaii for over 23 years, “Making a difference in the lives of others”

TAKE THE FIRST STEP – REGISTER HERE TODAY⇐

The post Renters to Owners Zoominar 12/16/2022 @ 7p appeared first on Christie Mitsumura Blue Seas Team.

September Zoominar

Back by popular demand!

Register Here – Registration will end on 9/23/2022 12 noon.

Come and join me virtually, where you will learn how to from a renter to a owner. I will also be giving you an insight to exclusive programs to make your offer shine!

Who should attend?

Anyone who…

• is tired of RENTING…
• has thought of purchasing a home in Hawaii
• would like to learn homebuying preparations
• would like to learn about down payment assistance & our EXCLUSIVE buyer advantage programs

Servicing all of Hawaii for over 23 years, “Making a difference in the lives of others”

Are you an associate in the business? I would love to meet and chat with you regarding how these programs can bring you and your clients success!

The post Renters to Owners Zoominar- Sept appeared first on Christie Mitsumura Blue Seas Team.

In today’s housing market inventory is low and buyer demand is high.  In such a market, many buyers need to get creative in structuring their offer on a home, and many sellers (future buyers) need to consider the fact that they, too, will soon encounter the same challenges that buyers vying for their home face.  One common consideration in today’s seller-friendly market is a rent back.  Simply put, a rent back is an offer that allows a seller to remain in their home after settlement on their property, as renters, for an agreed upon amount of time.  This can be a huge bonus for sellers, as it allows them to obtain the cash for their home sale to complete the purchase of another property.  Often, this gives sellers the flexibility needed to find their next home without the stress of needing to leave their home immediately upon settlement.  For buyers, a rent back is a beneficial way to offer a seller some benefit, while reaping benefits of their own!  Even while not moving in, a rent back allows a buyer to begin enjoying the perks of home ownership – in terms of tax perks, appreciation, and amortization – prior to actually moving in.  A rent back, like most aspects of home buying, some with some perks, and some draw backs.

The perks of a rent back

A rent back can be a big deal to a seller.  It allows them time to find a new home and orchestrate a move without having to worry about the stresses that come with a home sale – staging, keeping things around the house perfect for potential buyers, and avoid the time crunch that can come with simultaneously trying to sell and buy at the exact same time.  For buyers, they can officially take ownership of a property, enjoying perks like home appreciation, tax write offs, and paying off their mortgage without having to wait for an extended settlement.  In a time of rising rates, it also may help lock in better financing terms instead of paying extra for an extended rate lock or leaving fate in the hands of the markets.  All other things being equal, a rent back option can offer the flexibility needed to make an offer stand out and get accepted over offers that don’t include this option.  Another perk is that buyers can be compensated for the time a seller is renting from them.  While in a competitive market it’s not uncommon to see “Free rent back” as part of an offer, buyers have the option of demanding rent for the time they’ll be out of their new home.  Since their is a “gap month” when getting a mortgage (for example, if you settle on a home at the end of April, the first mortgage payment would be due not in May, but in June), this can help a buyer recoup some money spent on their purchase and get their finances in order.

Drawbacks?

A rent back, as with all things, doesn’t come without risk.  During a rent back, risks are assumed similar to any landlord-tenant relationship.  Since the sellers still live in the property, the potential for property damage, refusal to leave the property at the end of the rent back period, and other risks can still be present.  If traditional mortgage financing is being used by a buyer, most loans will require a buyer to take occupancy of an owner-occupied home within 60 days of settlement as well, so while a rent back can offer some flexibility, there’s still a deadline on when the move into a new home needs to take place without breaching the financing contract.

Another thing to consider is that toward the end of a rent back, a new owner will need to do a walk through and ensure the property is left in as-agreed-upon shape by the seller/now tenant.  The assistance and obligation of a real estate agent may or may not continue through the rent back period, so a new owner should be aware of their rights, expectations of the seller/tenant, and execution of all terms of a rent back.

Consider your market and your options

If you’re a buyer in today’s competitive landscape, we recommend having professional representation from a real estate agent to help you best structure an offer in your market, but a rent back is certainly something worth considering if you have the flexibility available to you.  Price is certainly important, but taking into consideration a seller’s circumstances and structuring an offer that’s competitive in price, but also provides some additional conveniences and stress relief for a seller can help your offer stand out amongst others that don’t offer the same considerations.  Every market is different, some consult with your agent to see if a rent back is something to consider in an offer, but make sure you’re aware of both the potential benefits and drawbacks of such an arrangement.

The post What is a Rent Back? appeared first on Christie Mitsumura Blue Seas Team.

With Buyer’s Advantage, MasonMac not only preapproves customers through a fully documented vetting process, they actually submit a preapproval file to an underwriter for review.  This means underwriting approves the buyer for a predetermined purchase price, issuing an approval (read that again – not a PREapproval, but an APPROVAL) to purchase a home!  This is extremely important for sellers because with financed offers, many fall out due to a failure in the financing.  This is why ‘cash’ is often a preference amongst sellers, even though cash buyers often come with lower offer prices or a boatload of contingencies of their own.  With MasonMac’s Buyer’s Advantage program, buyers relying on financing are as strong as cash, since the only things not yet approved are property related.

Yes, that means that with an appraisal (unless there’s a MasonMac appraisal waiver!), title work, insurance, and any other property-related documents (HOA documents, for example), it’s on to the closing table with minimal processing times.  This allows our buyers to move faster, and give sellers the assurance that not only are they a serious buyer, but they’re a buyer that has very slim chances of not making it to the closing table, and making it there on time.

For our real estate partners and the agents of our customers, this also adds a layer of assurance when it comes to crafting a competitive offer!  Need a fast closing?  Well, with Buyer’s Advantage, the time from signing a contract to closing is drastically reduced.  Need to offer without a financing contingency to be more competitive?  While we never recommend waiving protective contingencies, where it’s needed, there isn’t much a buyer can do to be more assured than to have our Buyer’s Advantage approval certificate.  This gives our buyer customers and their agents additional layers of assurance that when it comes to the financing, the job will get done and get done fast!

“2 weeks?!?”, the agent on the other end of phone proclaimed.  Yes, as long as we can get the appraisal and title work back with a few days to spare – our buyer’s advantage program is making lives easier for buyers agents and adding additional assurance to sellers and listing agents that with our offers, the financing is as good as it gets in terms of getting done and done on time.

How does Buyer’s Advantage work?

As with a normal pre-approval, buyers need to apply with their MasonMac loan officer, and from there, the loan officer and their team will request any and all documentation needed for buyer’s advantage, then pass the loan to an actual underwriter for approval, before a property is even located!.  This does mean that the earlier in the process your loan officer is involved, the better!  Our underwriters are working hard to keep turn times FAST, but reviewing a complete file takes time, so requesting Buyer’s Advantage the same day an offer is being made doesn’t do anyone much good – but when you (of if you’re an agent, your clients) know you’ll be buying a home in the near future, getting in touch early will allow us to give you a Buyer’s Advantage certificate to submit with your offer.

Of course, other contract terms are important – price, the timing of closing, contingencies, and other aspects of your offer are all important considerations for a seller, but all other things being equal, Buyer’s Advantage offers a sure thing amongst other offers that may just have standard preapprovals or (worse) prequalifications, and will certainly stand out from those buyers who have chosen to make offers without a preapproval.

Want an advantage in today’s market?  Contact me TODAY about MasonMac’s Buyer’s Advantage program today!

The post Giving Our Buyers the Edge with Buyer’s Advantage appeared first on Christie Mitsumura Blue Seas Team.