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Kyle Baker

Loan Originator |NMLS 1428322
  • (407) 969-8383
  • kjbaker@umortgage.com

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Meet Kyle!

Kyle Baker is a Residential Mortgage Consultant with The Epic Mortgage Team in the Orlando, FL area. He has a strong passion for Real Estate and helping his clients through the home buying and refinancing process. Kyle truly cares about his clients and referral partners and is committed to giving a white glove experience. He has a unique approach when helping his clients determine what financing options are best for them and their specific scenario and goals. Using state of the art mortgage technology allows him to straightforwardly demonstrate detailed loan programs and options for his clients. When Kyle is not helping clients achieve the dream of owning real estate, he enjoys spending time with his wife Jessica, his daughter Charlotte, and their dog Duke. He also enjoys time at the beach, playing golf, traveling, and cooking. Reach out to him with any home financing questions whether you are looking to buy, sell, invest, or refinance.

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Your Mortgage Questions, Answered!

The VA Funding Fee: What It Is and What You'll Pay in 2024

Home loans secured by the Department of Veteran Affairs, or as we prefer to call them, VA loans, are one of the best mortgage options available for prospective homebuyers. Alongside the myriad of benefits—which you can learn more about in this blog—are a few unique factors exclusive to VA loans. One of the most notable is the VA funding fee. In this blog, we'll break down what the VA funding fee is, why it exists, the varying costs associated with it, and how you might be exempt from paying it. What is the VA Funding Fee and Why Does It Exist? The VA funding fee is a one-time payment required for most VA loans. The primary purpose of this fee is to offset the cost of the VA loan program to taxpayers and ensure that it remains sustainable for future generations of military homebuyers. Here's why the VA funding fee is important: Cost Offset: It helps cover the administrative costs and potential loan defaults associated with the VA loan program, thereby minimizing the financial burden on taxpayers. Benefit Maintenance: By funding the program through these fees, the VA can continue to offer low-cost mortgages and other benefits to veterans without requiring significant federal funding. Loan Accessibility: The VA funding fee allows the VA to offer loans with competitive interest rates, no down payment, and no private mortgage insurance (PMI), making homeownership more accessible for veterans and service members. Cost May Vary With Your VA Funding Fee The cost of the VA funding fee is not a one-size-fits-all amount; it varies based on several factors, including the type of loan, the borrower's military category, the down payment amount, and whether it's the borrower's first use of the VA loan benefit. Here’s a breakdown of the VA funding fee for different scenarios: No Down Payment: First Use: 2.15% of the loan amount. Subsequent use: 3.3% of the loan amount. 5% to 9.99% Down Payment: First Use: 1.5% of the loan amount. Subsequent Use: 1.5% of the loan amount. 10% or More Down Payment: First Use: 1.25% of the loan amount. Subsequent Use: 1.25% of the loan amount. Cash-Out Refinance Loans: First Use: 2.15% of the loan amount. Subsequent Use: 3.3% of the loan amount. Interest Rate Reduction Refinance Loan (IRRRL): All Uses: 0.5% of the loan amount. It's important to note that these percentages are based on the total loan amount and can be financed into the loan, meaning you don't have to pay the fee upfront out of pocket. VA Funding Fee Exemptions Not all veterans and service members are required to pay the VA funding fee. There are several exemptions available for those who meet certain criteria: Disability Compensation: Veterans receiving VA disability compensation for a service-connected disability are exempt from paying the funding fee. This includes veterans who would be entitled to compensation if they were not receiving retirement or active duty pay. Surviving Spouses: Surviving spouses of veterans who died in service or from a service-connected disability are exempt from the funding fee. Purple Heart Recipients: Active-duty service members who have been awarded the Purple Heart are exempt from paying the funding fee, provided they close on their home while still serving on active duty. Pre-Discharge Rating: Veterans who are in the process of receiving VA compensation for a service-connected disability may also qualify for an exemption if they receive a proposed or memorandum rating before the loan closing. Loan Assumptions and IRRRLs: Loans assumed by another veteran are exempt from the fee, as well as certain IRRRLs under specific conditions. The VA funding fee is a crucial component of the VA home loan program, designed to ensure its longevity and sustainability. While it represents an additional cost, it also enables the VA to offer favorable loan terms to veterans and service members. Understanding the varying costs associated with the funding fee and the available exemptions can help you better navigate the VA loan process and make informed decisions about your home financing options.

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Housing Market Update | Week of July 1st

Last week, we saw a slight rise in mortgage rates, mainly driven by a stronger-than-expected jobs report which indicated robust employment growth and wage increases. This week, there’s a lot of inflation data hitting the news that will likely impact the direction of mortgage rate trends. Last Week's Mortgage Rate Recap Rates Increased Slightly Last week, mortgage rates experienced a modest increase following a strong jobs report. The report indicated a healthy labor market with robust employment growth and wage increases. These factors often lead to concerns about inflation and potential rate hikes by the Federal Reserve. However, the market remained resilient, with new home sales rising by 2.5% month-over-month showing continued buyer demand! This Week's Mortgage Rate Forecast Rates Could Drop This week, rates could be volatile as the market reacts to new inflation data. All eyes are on Wednesday’s Consumer Price Index (CPI) report for signs of rising inflation, which could prompt for future rate hikes from the Federal Reserve. Thursday, the Producer Price Index (PPI) will provide additional insights into inflationary pressures from the production side. Conversely, lower inflation readings could lead to a drop in rates.

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Housing Market Update | Week of July 8th

Last week brought notable fluctuations in mortgage rates, landing the 30-year fixed mortgage rate at above 7%. This fluctuation is influenced by economic data suggesting a strong labor market. The good news? We have a big week ahead of us regarding financial data. Depending on the outcome of this week’s inflation reports, we may see significant movement in rates. A low inflation reading could push the Fed to cut rates as soon as September. Conversely, a high report would make it difficult for the Fed to justify cutting rates. Last Week's Mortgage Rate Recap Rates Increased Slightly Mortgage rates saw a slight increase last week as financial data was released throughout the week. The jobs report reflected a healthy economy, pushing them slightly upwards. A closed market on Thursday paused any major fluctuations in the market, and Friday brought rates down marginally. This Week's Mortgage Rate Forecast Rates Could Be Volatile This week’s inflation report could be the most crucial of the year. Markets are eagerly hoping for the Fed to soon cut rates. The fed is looking for inflation data to continue to trend down toward the 2% level to feel comfortable cutting rates as early as September. However, if inflation remains stagnant or increases, you can expect mortgage rates to rise.

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