Preparing in Advance Will Save You Time and Trouble Once You’ve Started Making Offers. INCOME Provide Your Last two paystubs along with your W2s and Federal tax returns for the last two years (include all schedules). State returns are not needed. If you are self-employed, ask me for the additional documentation requirements. If you receive…

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Mortgage Rate Lock

Rate Locks: Why do longer ones cost more? It’s all about risk. Between the times you make application and close your Home loan, interest rates will do what they always do – change. At times, the rate of change is exceptionally volatile, even from one minute to the next. “Locking in” your interest rate protects…

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VA Mortgage Loans

VA Loans are mortgage loans geared specifically for active duty members and Veterans of our nation’s armed forces.  In order to be eligible, you must have served a designated amount of time in the Military or in some cases surviving spouses of Veterans are eligible as well. It is important to understand the difference between…

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Mortgage Rates are Heating Up

Interest Rates are Heating Up! With the improving economy and expectations the Fed will soon change its monetary policy, mortgage rates are on the rise. Is there an upside to higher rates? Sure. The same economic changes that bring higher mortgage interest rates bring higher home values, too!   Before, you enjoyed a low mortgage rate…

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Rising Mortgage Rates and Affordability: How Much Can You Finance with $960/Month? As rates rise, affordability dwindles. If you want more home for the same monthly payment, acting before mortgage rates rise further may be a direct path to success. Each example here shows the principal and interest payment for a 30-year, fixed-rate loan. 1-…

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There are many different loan options for first time home buyers and USA Mortgage continues to find the right programs and opportunities for their clients. Below are some of the many options available: 1. MHDC Gift Money: MHDC (Missouri Housing Development Commission) offers up to 4.5% gift money towards down-payment and closing cost for qualified…

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One Thing You Must Know About Mortgage Rates The lowest mortgage rate is the best, right? The lowest rate certainly sounds best. But did you know the lowest rate doesn’t always mean the lowest cost? Mortgage interest is just one component of the real cost of owning a home. Interest rates are a reflection of…

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Saving for a home?

When prices are rising, why not let the market help you? It’s great to save up for a large down payment of 20% or more. Yet, when prices are on the rise, saving quickly enough to keep pace can be extremely difficult. In times such as these, why not let the market build equity for…

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FHA loan Benefits

Still Working When Others Might Not The FHA Loan program continues to evolve, and total mortgage insurance costs have risen. While the increase makes these loans less advantageous than in the past, they are still a good option if your needs and situation preclude you from qualifying for a conventional loan.   Here are a…

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Rising Mortgage Rates

You Can’t Keep a Good Thing Down Ever try to hold a life preserver underwater? It’s hard, isn’t it? It can be equally hard for the Fed to keep Mortgage rates low against a rising tide of market expectation. The Winds of Change. The Fed’s actions to keep interest rates low have worked for a…

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Benefits of Refinancing

Refinance & Reduce Your Balance Faster: With lower interest rate, you pay more principal with each payment, especially in the first years of the loan. EXAMPLE: After five years of payments on a 30-year loan of $200,000 at 4% you would pay $19,706 in principle vs. $17,105 on the same at 5%. That’s an extra…

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Home Appraisals

Many factors go into calculating value of a home. Most importantly, recently sold comparable properties must be considered. “Comps” should be similar in location, size, style, room count, condition, utility, etc.   Appraisal is part art and part science, and the latter is hard to change. Sometimes, the hardest thing for owners is to be…

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Mortgage Refinance Process:

The Application: After determining that refinance will be beneficial for you, we can start the application which is very similar to the original application once you bought the house. Your loan officer will collect the initial documents which could consist of assets, income and other verification. Processing: Next, it’s getting the processing started which is…

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Understanding the HOW and WHY of Escrow Accounts Escrow accounts provide for the timely payment of taxes and insurance on your home. This prevents tax liens, loss of property and any lapse of insurance coverage. As part of your regular mortgage payment, 1/12th of the annual cost is collected. These funds are held and paid out as bills…

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