Stephen Katz Mortgage Blog

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Mortgage and Lending - Katz Mortgage Team, a branch of VanDyk Mortgage Corporation
Have you ever been rejected for a mortgage due to your debt-to-income ratio? Or know someone who has? Well good news: starting July 29, Fannie Mae is raising the DTI ceiling to 50 percent! Currently, it sits at 45 percent.Never heard of DTI? Debt-to-income ratio takes your gross monthly income an...
Today, we’ll talk about what title insurance is and exactly what you’re paying for.Whenever I sit down with a borrower, they ask what fees they can expect when they’re getting ready to close. One of those components is title insurance, which can be kind of pricey, but is very important. The impor...
Today, I’ll discuss the importance of the pre-approval process. The pre-approval process is imperative and essential to be completed prior to you making any offers. The listing agent and seller typically require a pre-approval letter to accompany your offer with the Realtor you work with.This pro...
Are you thinking of hiring a buyer's agent? If so, there are questions you should ask to ensure you hire somebody you can trust. Here are a few to keep in mind:  ●     Are you a full-time agent?●     Do you work exclusively with buyers?●     Do you have a team behind you?●     Do you have testimo...
Today we are going to discuss whether it is better to pay the closing costs in cash upfront or to take out a higher home loan. The difference could cost you thousands. It’s very common for sellers to be asked to pay closing costs by the buyers, so keep this in mind. Let’s say you want to buy a ho...
Whether you're buying or selling a home, you're going to have to go through the negotiation process. Today I will be outlining the four major stages of negotiations. Ideally this will prepare you for anything that may come your way.  1. Getting the offer accepted: You have agreed on price, terms,...
Today we are excited to talk to you all about appraisals. We’ll go over what they are, how they work, and how they affect the purchase of your home.  Every time you write a contract, there will be a clause in there saying that a home has to appraise in order for the sale to go through. These aren...
Today, we’ll talk about the difference between getting pre-qualified and pre-approved for a mortgage. There’s a clear difference.For pre-qualification, a buyer contacts a lender with financial information and the lender bases their decision off these numbers. This model relies heavily on informat...
Today I’ll tell you the four biggest tips to get started with your home search.1. Determine your budget: Before you even start looking, you need to know how much you can comfortably afford. Don't waste your time looking at homes that you can't buy - that's a terrible way to disappoint yourself in...
Today, I'll talk about what you need to know regarding rising interest rates.   While a one percent raise might not seem like much, it can significantly affect both buyers and sellers. For example, let's say you're looking to buy a $200,000 home while rates are at 5%. If rates go up to 6%, you co...

Stephen Katz

Branch Manager, CMPS
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