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…
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- Loan of $180,000Interest rate: 5.00%…
Who Qualifies for a VA Loan?
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 eligibility…
What is an FHA home loan?
If you are a first-time homebuyer with limited amounts of funds to put towards your purchase, or if you have had credit problems in the past, you may find that an FHA loan gives you the freedom and flexibility you need to get into a house and start making it a home for your family. If…
USDA Loan Benefits & Requirements
Consider The Benefits USDA loans are backed through the Rural Housing Division of the U.S. Dept. of Agriculture. They are available to millions of eligible primary home buyers with low to moderate incomes or scarce funds for down payments. Features, benefits, and things you need to know: Zero Down – No down payment is required…
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 expectations for inflation and the supply/demand equation for…
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 few…
Rising Mortgage Rates
First, who is the Fed and what do they do? The Federal Reserve Board (the Fed), controls the Fed Fund Rate and the Discount Rate. These are charges for overnight loans from bank to bank or from the Fed to member banks. You Can’t Keep a Good Thing Down Ever try to hold a life…
Benefits of Refinancing
Refinance & Reduce Your Balance Faster: Refinance and reduce your balance to a 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…
Home Appraisals Factors
Many factors go into the 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. The appraisal is part art and part science, and the latter is hard to change. Sometimes, the hardest thing for owners is to…
The Impact of a Qualified Realtor
When selling your home, it is important to ensure that you are dealing with a qualified realtor to help you during the selling process. There are a lot of realtors out there to choose from, so doing thorough research before choosing a realtor is key. While it is important to understand that not all realtors are created…
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…
HOW and WHY of Escrow Accounts
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…
4 Keys to Your First Home
Before making an offer on your first home, make sure to complete these four steps. 1. Know how much you can afford and how much cash you will need: Knowing what you qualify for before searching for any homes will save you time and disappointment that can come from falling in love with a home…
Down Payment! How Much Is Enough?
If you are saving up to buy your first house or wonder if you have enough equity to trade for another, you may be relieved to know that for most buyers there are still low down payment options available. $0 Down: VA (Veterans Administration) and USDA (US Department of Agriculture) both offer zero down loan…
FHA loans VS Conventional loans
There are many different factors to consider when choosing the best loan program option. That is where the skills and knowledge of your loan officer will play a significant role in your decision. One of those choices is the option between FHA Home loans vs Conventional loans. Here are some pros and cons of these…
Watch out, It is USDA Loan
There are 3 main types of home loans that you are getting, today we’re going to be discussing what a USDA home loan is and why it’s been a great option for homebuyers looking outside of the city limits and smaller towns. USDA loans offer a $0 down payment for qualifying buyers who are looking…
MHDC Down Payment Assistance
MHDC which stands for Missouri Housing Development Commission has made some modifications to all loans reserved on March 2, 2015. MHDC has been a great option for first-time homebuyers for down-payment assistance and helps with some of the closing costs. Prior to the new changes, the MHDC down-payment assistance program was offering 3.5% as CAL…
MHDC Loan First Time Home Buyer
MHDC which is also known as, Missouri Housing Development Commission, is a first-time homebuyer program, which is offered by the states. MHDC is a form of the FHA loan which does allow down-payment assistance. When considering a new home you should go by these guidelines: MHDC will allow borrowers to use 3% down-payment assistance which…
But my Mortgage lender can do it.. why can’t you?
I have heard this over and over from some of the agents “My mortgage lender can do it, why can’t you?”. Even with the black and white kind of rules and guidelines in lending, there are still some niche programs and products that not everybody has access to or don’t know how to do properly.…
