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Mortgage News May 2020

Will I Be Able to
Get Cash Back at Closing or Not?

Tips For Getting (& Staying)
Fit Indoors

This will depend on what type of loan you are taking and from whom you are taking it. If you are taking out a purchase loan, then you wouldn’t likely be able to take any cash out of the transaction.

There are, however, three types of refinance transactions that you could take cash from. One is a no cash-out refinance, also called a rate and term refinance. Another is a limited cash-out refinance. The last one is just called a traditional cash-out refinance transaction. A rate and term refinance is just as it sounds. You do it because you want to replace your existing mortgage with another because the terms are better.

You do it because you are getting a better interest rate, getting a lower payment, or possibly both. If you are able to pay your closing costs out of pocket, you can even keep your same loan amount. You can also choose to roll associated costs into the new mortgage, but then your loan amount would increase. A limited cash-out refinance allows you to get a limited amount of cash back. For FHA, the amount is $500, and for conventional loans, it’s up to $2,000.

How much money as a percentage of your home value you can take will vary by program. According to a 2019 article, FHA, for the first time in a decade, has lowered the total amount you can borrow against your home, including cash you take. It is now 80% of the home’s value.

Conventional loans will go higher, depending on your credit scores. Please call me with your questions regarding purchase and cash-out loans, and I’d be happy to answer them.

Many of us are sitting in front of screens for both work and leisure purposes these days. The good news is those same screens provide a digital way to get the blood pumping and endorphins rushing for every pace, mood, and level! If you’re working from home or looking to break out of your usual routine, follow these helpful tips to get moving in your own home.

Apps. You can find a wealth of different types of exercises and well-being support built into a range of apps. Check out the YMCA’s app at or the Nike Training Club app at Or just head to your app store to see what’s popular on the charts.

YouTube. The popular video sharing website has a large community of health and wellness gurus who provide inspiring workouts for free. For example, Yoga with Adriene shares calming routines for beginner, intermediate, and experienced yogis, while The Fitness Marshall fuses high-energy dance moves with pop music for a fun exercise experience.

Bodyweight exercises. If you don’t have access to gym equipment, make use of your own body! This type of strength training uses your own body to provide resistance against gravity, improving power, flexibility, speed, and coordination in the process.

Dedicate a space. If possible, create a permanent workout spot in your home, whether it be a corner or a room. Make sure to keep it tidy and clean.

Work out with others. Thanks to video apps like Zoom, you can share your exercise with others. Why not start a weekly club with friends? You can connect and keep each other motivated simultaneously!

Best Home Workout Classes FREE on Youtube!

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Memorable Mother’s Day Gift Ideas that Show Her You Care 

A truth universally acknowledged, moms are a constant source of unconditional love, acceptance, and patience. Yet motherhood is no walk in the park, and despite all of our tantrums and growing pains, moms remain our biggest cheerleaders and strongest familial foundations.

Thank you for  your referrals!

I succeed when people like you refer me to your friends, neighbors and loved ones. It’s the best kind of feedback I can receive.
So thanks for continuing to pass this newsletter on and for your referrals.

 With Mother’s Day this month, why not show your life-giving saint of a mother just how much you appreciate her with these unique, fun, and affordable gift ideas that don’t only have to be given on Mother’s Day.

Breakfast in Bed. Nothing says “Happy Mother’s Day” like a surprise breakfast in bed. Not only does it give Mom a delicious way to start her day, but it also gives her time to sleep in and catch up on some precious z’s, especially if she’s usually responsible for waking the household up.

Create a Memory Journal. Sometimes the sweetest gift you can give is the gift of remembrance, so why not create a memory journal that records standout moments from your time together? Family members can contribute their favorite anecdotes and, if you leave some blank pages at the end of the book, you can add new memories in time for next Mother’s Day.

Give Her Some Much-Needed Time Off. Being a mom is often said to be the toughest job in the world, so give her the day to pamper herself and schedule in some self-care time. Send her off on a spa experience, take over errands, and cook family meals to really give her time to relax.

Craft a Coupon Book. Extend the gift of time off and lend a helping hand with a homemade coupon book that entitles its recipient to help with chores around the house, foot rubs, and meals.

Be Present. Whatever you decide to do this Mother’s Day, be fully in the moment. Ask any mom: quality time with family beats flowers any day, even if you’re connecting virtually with FaceTiming this year.

Southern-Style Sliders

Put some pep in your appetizer game with these pimento cheese sliders with green tomatoes and some Southern hospitality. Serves 12.

2 cups shredded extra-sharp cheddar cheese
8 oz. cream cheese, softened
1/2 cup mayonnaise
1/4 teaspoon garlic powder
1/4 teaspoon cayenne powder
1 4-ounce jar diced pimentos, drained
12 mini sweet rolls
12 slices green tomato
1/2 pound sliced deli turkey breast
1 stick butter, melted
Everything bagel seasoning, as needed

Preheat oven to 350 degrees. Place the cheeses, mayonnaise, garlic powder, cayenne, and pimentos in a bowl and mix well until evenly combined. Set aside. Prepare the sliders by cutting the entire pack of rolls in half horizontally. Place the bottom of the rolls on a 9×13 baking sheet. Layer tomato slices evenly on the bottom buns, season with salt and pepper, and then layer slices of turkey on top. Add roughly a tablespoon of pimento cheese on each individual bun, then place the tops of the rolls on. Brush tops of the rolls with melted butter and sprinkle with the everything bagel seasoning. Cover with foil and bake for 10 minutes, then remove foil and bake an additional 2 minutes. Serve hot.

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