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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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…

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USDA Home Loans

USDA home loans have been a great option for home buyers looking outside of city limit and smaller towns. USDA loans offer $0 down-payment for qualifying buyers who are looking to buy in the eligible USDA areas. Buyers don’t have to be a first time home-buyer but in most cases, they can’t own more than one property…

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MHDC which stands for Missouri Housing Development Commission has made some modification on all loans reserved on March 2, 2015. MHDC has been a great option for first time home buyers for down-payment assistance and help with some of the closing cost. Prior to the new changes MHDC down-payment assistance program was offering 3.5% as…

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FHA Home Loan could be the right loan program for you. FHA is a government loan which has been around for several years. FHA requires just 3.5% down-payment. Which means it will finance 96.5% for your home loan. FHA will have a 1.75% up-front MI (Mortgage Insurance) which can also be financed to your loan….

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MHDC which is also known as, Missouri Housing Development Commission, is a first-time home buyer 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…

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We all remember the days that a real estate broker was an insurance agent, financial advisor, Mortgage broker and a CPA all at the same time. Today, things are a little bit different. Consumer protection laws, conflict of interests, and so many other regulation in place that makes it hard to operate as an stop…

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