Michael Inkman

Fairway Independent Mortgage Corp.

Michael Inkman | Fairway Independent Mortgage Corporation
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Lee Vanvolkenburg
15:43 23 Nov 23
Michael and his team were wonderful to deal with. They were excellent with communication and always available to answer questions. Thank you all!
williams lovos
22:54 16 Nov 23
We close on the house tomorrow! Thank you David and Michael for making my first home buying a smooth process. I had several out of the ordinary situations that would had easily not been possible to get the loan in the time that they were able to approve it. My wife and I are forever grateful for the work the team did. Thank you again!
Mario Silvestri III
16:45 16 Nov 23
Rex Perkins
16:56 15 Nov 23
Everything had been going well over the past two years since refinancing an existing mortgage. The application process, approval, servicing website, everything had been very smooth, nothing but the best service. I then had a minor issue arise. We had a wind loss claim on our home and, unfortunately, I had put off getting the check cosigned until the last minute. An issue arose as part of a minor miscommunication in terms of where the check was to be forwarded for endorsement.

To make a long story short, I feared that this miscommunication and misdirected check coupled with my procrastination were going to result in the check expiring and a huge hassle on my part to go through the process again. Mr. Inkman nor his branch were in any way involved with my account or account management, yet, the check inadvertently ended up in their draft loss department and I feared this would further delay things. I was a bit frantic.

One of those that I emailed was Mr. Inkman. In an era when customer service is not as valued as in the past, I was very skeptical I would meet the deadline. But, to my surprise, Mr. Inkman took it on his own to personally get things done and get the issue resolved. It appears that he tracked down the overnighted check personally, directed it for signature, packaged and overnighted the check back to me. All the while remaining professional and pleasant and providing consistent email updates on the status. It doesn't even look like he delegated, rather taking the initiative and seeing it through on his own.

To me, that's not just doing a job, that's going above and beyond in terms of leadership, professionalism, and customer service. We could not be more happy. And, as a further sign of good will, the Fairway CEO actually emailed me personally to follow-up and assure resolution. Been very happy with Fairway since my refinance, Mr. Inkman's efforts only further reinforce that opinion.
Samer Fallouh
15:01 15 Nov 23
Debbie Salas
21:47 03 Oct 23
This transaction probably would not have happened without Michael. Whenever we hit a stumbling block, he found a way around it! He kept us informed and was a positive light all the way through to the end and beyond.
Thanks
Eric Kieffer
22:46 16 Aug 23
Did business with Michael about 20 years ago and he was happy to help us again. He and his team did a great job. See you in another 20.

The Difference Between Mortgage Prepayment and Payoff

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As a homeowner or prospective buyer, understanding the intricacies of mortgage management can save you time, stress, and potentially thousands of dollars. Two key concepts that often confuse borrowers are mortgage prepayment and mortgage payoff. While both strategies can reduce the overall interest paid and shorten the loan term, they function differently. Let’s break down what each term means and how they can affect your mortgage journey.

What Is Mortgage Prepayment?

Mortgage prepayment occurs when you make payments toward your mortgage above and beyond the required monthly installment. This extra payment goes directly toward reducing the principal balance of your loan, helping you save on interest over time.

Prepayment can be done in a variety of ways:

  1. Additional Monthly Payments: Adding a little extra to each monthly payment.
  2. Biweekly Payments: Paying half your monthly payment every two weeks, which results in 13 full payments each year instead of 12.
  3. Lump-Sum Payments: Making a one-time payment, perhaps after receiving a bonus or inheritance, to significantly reduce the loan balance.

Prepaying your mortgage allows you to save on interest, especially in the earlier years when a significant portion of your monthly payment goes toward interest. However, it’s essential to check with your lender about prepayment penalties, which may apply depending on the terms of your loan.

What Is Mortgage Payoff?

Mortgage payoff, on the other hand, refers to the complete payment of your mortgage before its scheduled maturity date. This could happen as a result of refinancing, selling the home, or simply paying off the remaining balance in one lump sum. When you pay off your mortgage, you settle the loan in full, and the lien on your property is released, giving you full ownership of your home.

Paying off a mortgage early can provide financial freedom, but it’s crucial to consider a few factors:

  1. Lost Tax Deductions: The interest on a mortgage is tax-deductible. Paying off your loan early could reduce your deductions and increase your tax bill.
  2. Opportunity Costs: Paying off your mortgage might not always be the best financial decision. If you have low interest rates on your mortgage, you may earn a better return by investing your money elsewhere rather than using it to pay off the loan early.

Key Differences Between Prepayment and Payoff

  • Purpose: Prepayment reduces your loan balance while payoff eliminates your mortgage entirely.
  • Flexibility: Prepayment is more flexible since you can make small additional payments as your budget allows. Payoff is a one-time event that settles the loan in full.
  • Impact on Loan Term: Prepayment shortens the loan term and reduces the total interest paid over time, but doesn’t immediately free you from monthly payments. Payoff ends the loan term entirely.

Which Is Right for You?

Deciding between prepayment and payoff depends on your financial goals and personal circumstances. If you want to reduce your mortgage term and save on interest but still maintain flexibility, prepayment is likely the best option. However, if your priority is eliminating the mortgage entirely, paying it off early could be the right move.

Both mortgage prepayment and payoff offer the potential for savings and financial freedom, but it’s crucial to weigh the pros and cons before deciding which path is right for you. It’s always a good idea to consult with a financial advisor or mortgage professional to understand how either option aligns with your long-term financial strategy.

#MortgageTips #HomeOwnership #FinancialPlanning

What’s Ahead For Mortgage Rates This Week – September 9th, 2024

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This week, the most important release of the year regarding inflation data will occur. Once again the CPI and PPI take the front stage clearing the way for rate cuts made by the Federal Reserves. Based on several indicators, there is strong confidence that if the upcoming inflation data meets expectations, we could see interest rate cuts before the year ends. In addition to the inflation data, the Consumer Credit reports will be released early this week. Both lending partners and the broader market have high expectations for these reports.

The previous week’s employment data also had a lot of positive things to say, with wages growing faster than inflation. The overall economic outlook has been positive.

U.S. Trade Deficit

The U.S. international trade deficit widened 7.9% in July to $78.8 billion from a revised $73 billion in the prior month, the Commerce Department said Wednesday. This is the largest monthly trade gap since June 2022.

Federal Reserve Beige Book

Nine out of 12 Federal Reserve regional districts reported flat or declining economic activity in August, according to the central bank’s so-called Beige Book report released on Wednesday. That’s up from five districts that reported weak conditions in the last report in mid-July. The four districts that have experienced weaker conditions than in the prior report appeared to be Philadelphia, Richmond, Atlanta, and St. Louis.

U.S. Employee Earnings

Real average hourly earnings for all employees increased 0.1 percent from June to July, seasonally adjusted, the U.S. Bureau of Labor Statistics reported today. This result stems from an increase of 0.2 percent in average hourly earnings combined with an increase of 0.2 percent in the Consumer Price Index for All Urban Consumers (CPI-U).

Primary Mortgage Market Survey Index

  • 15-Yr FRM rates are seeing a decrease of –0.04% with the current rate at 5.47%
  • 30-Yr FRM rates saw no change this week with the current rate at 6.35%

MND Rate Index

  • 30-Yr FHA rates are seeing a –0.15% decrease for this week. Current rates at 5.67%
  • 30-Yr VA rates are seeing a –0.14% decrease for this week. Current rates at 5.69%

Jobless Claims

Initial Claims were reported to be 232,000 compared to the expected claims of 230,000. The prior week landed at 228,000.

What’s Ahead

The upcoming CPI and PPI reports are the most critical releases of the year and will play a decisive role in shaping the interest rate cuts for the remainder of the year.

In A World of Homeowners’ Associations (HOAs)

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With the current shortage in housing inventory, more buyers are considering condominiums and townhomes as viable options. Most of these properties are part of a homeowners’ association (HOA), which plays a crucial role in maintaining the community. Understanding what an HOA entails can help you make an informed decision before purchasing your next home. Here’s what you need to know:

1. Mandatory Membership When you buy a home that’s part of an HOA, membership isn’t optional—it’s mandatory. Along with membership comes the responsibility of paying HOA fees, which may be billed monthly or annually. These fees typically cover the upkeep of common areas like parks, pools, and elevators, as well as building maintenance.

2. Understanding CC&Rs Every HOA has a set of rules known as Covenants, Conditions, and Restrictions (CC&Rs). These guidelines dictate what residents can and cannot do with their property. It’s essential to review these carefully, especially the sections on fines and penalties. Some HOAs have the authority to foreclose on your property for unpaid dues or fines resulting from CC&R violations.

3. Varying Fees HOA fees can vary widely from one community to another. It’s wise to ask the following questions before purchasing:

  • How are fee increases determined?
  • How often do fees increase, and by how much historically?
  • Can I see a printed history of HOA dues over the last decade?
  • What is the size of the HOA’s reserve fund?
  • What do the monthly dues cover?

4. Review Meeting Minutes Reading the minutes from the most recent HOA meetings can give you valuable insight into any ongoing or past issues within the community. These notes often highlight how conflicts are resolved and whether the HOA has taken legal action against any members.

5. Check the Insurance It’s important to know what type of catastrophe insurance the HOA carries for the property. This is especially crucial if your home is in an area susceptible to natural disasters like floods, earthquakes, or hurricanes.

6. Consider Financing Impact HOA fees can affect your financing options, so be sure to account for these costs when applying for a mortgage. Lenders will factor in these fees when determining your loan eligibility.

7. Governance and State Laws Most HOAs are incorporated entities and must adhere to state laws. The HOA is typically governed by a board of directors elected by the community members, who are responsible for enforcing the governing documents and overseeing the community’s operations.

Buying a home within an HOA community comes with both benefits and responsibilities. By understanding the rules, fees, and governance, you can make a well-informed decision that aligns with your lifestyle and financial goals.

The content on this website is written by Michael and reflects his opinion, and not the opinion of Fairway Independent Mortgage Corporation.

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Office Location


4201 Marsh Lane
Carrollton, TX 75007