Buying a home is always something one has to take a minute and decide how to approach, but buying a home when you already own a home can present a different dilemma. Nearly everyone needs clarification about whether they need to sell first or not. In some cases folks simply do not consider it an option to buy before selling even if they CAN. First of all know if you can buy before selling. Then it is easy enough to determine if you WANT to buy before selling. The bottom line is whether you qualify for all … (0 comments)
Digital mortgages is all the craze. Many if not most lenders are now on board to get documents esigned, home buyers and those who want to refinance can apply online. Frankly a good portion of the home mortgages I close I don't see the borrowers until closing. Online applications and esigning has made everything easier. Before you rocket your home mortgage, however, stop and think about what you are doing. I have originated home mortgages for over 20 years. Even if I get an online application I am going to touch base before I pull credit and … (0 comments)
An escrow account may be set up when someone finances a home purchase. Typically if one has an escrow account it is for both taxes and home owner insurance. Whether an escrow account is required can depend on several factors. As a general rule in the past if one had a down payment of 20% an escrow account was not required on many home mortgages. Typically a lender would charge a fee if one did not want to have an escrow account.
One reason a lender requires an escrow account is if one fails to … (0 comments)
Quite often I am asked by home buyers and sellers "do I need to get an appraisal?". My question is why do you think you need one? If you are utilizing the services of a professional real estate agent they are going to provide a seller the market information to set the price. An agent representing the buyer will use the sales information to determine the offer price. Sometimes when there is no real estate agent involved one party or the other may be inclined to get an appraisal so they know the expected value of … (2 comments)
What is APR and why should your care? When shopping for a home mortgage you SHOULD see not only an interest rate but an APR rate. The APR has historically been confusing, often because even the person trying to tell you what it is doesn't know. One of my co workers a few years ago said a friend of his explained to folks it was the "average person's rate". Needless to say, that guy was of no help. APR (AVERAGE PERCENTAGE RATE) is the cost of getting the loan. Included in the cost of a loan may … (0 comments)
In reading a comment on a recent blog I wrote about gas price savings it brought to mind savings and its importance to home ownership. There are plenty of mortgage loan programs these days where a down payment can be gifted or zero down is required. This does not necessarily mean zero savings is necessary or a good idea. One of the first questions I get from home buyers is "How much money do I need?" Sometimes the answer is not much, however, the more reserves one has the better. I believe everyone … (2 comments)
TEN COMMANDMENTS WHEN APPLYING FOR A MORTGAGE LOAN
I came across this in "Origination News" online this morning and since it said I could copy and share, I'm copying and sharing. I have a list I send out to those who apply for a mortgage loan with D A Griffin Financial, this one is a little more direct. It may be a good thing for the consumer, loan originators and real estate agents to share to avoid that OOPS!
1. Thou shall not change jobs or become self-employed. 2. Thou shall not buy a car, … (4 comments)
home mortgage: REAL ESTATE ONE STOP SHOPPING - IS IT A GOOD IDEA?
- 05/24/11 04:15 AM
REAL ESTATE ONE STOP SHOPPING - IS IT A GOOD IDEA? AM I SAVING MONEY, TIME, AGGRAVATION? WHY WOULD I ONE STOP SHOP FOR REAL ESTATE NEEDS? Real estate companies are getting more and more involved these days in all aspects of a home purchase. Many of them offer not only a Realtor to help you with home buying or selling, but who will recommend several other services to you that their affiliates offer. WHAT ARE SOME OF THE OTHER SERVICES OFFERED IN ONE STOP SHOPPING - AND DO I NEED THEM? Besides finding a home (and in no particular … (3 comments)
home mortgage: MY DOOR IS ALWAYS OPEN!
- 05/04/11 07:02 AM
MY DOOR IS ALWAYS OPEN! I received a couple of calls this week from past home mortgage customers. We had a chance to catch up on some casual conversation. Neither call resulted in a new application for me, but it reinforces the importance of realtionships. It reinforces the transactions we do are built on trust. One caller just wanted to know if they accelerated their payments by "X" dollars a month, how much would they save. One caller checks about once a year to see if refinancing would benefit him. A third caller is considering some changes with their auto … (1 comments)
home mortgage: HOW TO APPLY FOR A HOME MORTGAGE
- 04/11/11 11:50 AM
HOW TO APPLY FOR A HOME MORTGAGE In my 14 plus years in the home mortgage business I've seen a lot of applications for mortgages. While it is always great to work with someone seeking a mortgage, when the borrower is organized and somewhat prepared it is even more rewarding. Here a few tips to assist a borrower who wants to get ready to apply for a mortgage; some of the first questions I ask a potential borrower. 1) Have you been employed at least two years? If you are self employed, have you filed at least two years to tax returns … (0 comments)
home mortgage: TRIGGER LEADS EXPLAINED
- 03/11/11 06:22 AM
TRIGGER LEADS EXPLAINED - "Trigger leads" most likely is a term home buyers or home owners have not heard BEFORE they apply for a home mortgage. "Trigger Leads" is the term that comes up when a home buyer or a home owner applies for a home mortgage and provides the information necessary to pull a credit report. When they supply the loan originator their personal information to pull credit, they would likely expect that information is between the two of them only. For instance when I work with a home buyer or home owner, I explain to them that I don't do … (0 comments)
BUYING A HOME BEFORE SELLING YOUR HOME
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