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What Should I Get From the Sellers at My Real Estate Closing? - 07/20/10 09:32 AM
Make sure you ask the seller for these key items at or before your closing When the big day arrives to close on the purchase of your home, make sure you get everything you need. Many first time home buyers don't know what they should ask for when closing on their new home. If you have a good relationship with the seller, you can save a lot of time if they can give you more than just the keys.
Of course, the most important item you need to get at your closing is your deed. You attorney or title representative should … (0 comments)
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How Is My Monthly Mortgage Payment Calculated? - 07/19/10 02:41 PM
Learn how monthly mortgage amortization works How mortgage payments are calculated is a mystery for most home buyers and even for many Realtors and loan officers. The reason it is a mystery is because the formula to calculate the monthly payment for an amortizing mortgage is the following:
To calculate the fixed monthly payment (P) required to fully amortize a loan of M dollars over a term of n months at a monthly interest rate of i. (e.g. If your mortgage rate 6%, i is .06/12 or .005).
P = M[i(1 + i)n]/[(1 + i)n - 1]
Most people's eyes start … (0 comments)
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How to Buy a Home in New Jersey - 07/19/10 10:55 AM
If you are ready to buy a home in New Jersey, the following guide will help you in understanding how the home buying process works in New Jersey.
Wherever you are going to buy a home, the first step of every home buyer is to put together your team of professionals (
Home buyers should make sure that the Realtor they select is a member of the Multiple Listing Service (MLS) system that covers the area in New Jersey where they are looking. In New Jersey, northern New Jersey is covered by the New Jersey MLS. The rest of the state … (0 comments)
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Buy First or Sell First - Which is Better for Home Owners? - 07/16/10 11:07 AM
Learn how homeowners can plan to minimize the stress of having two homes. Want to sell your house and buy another one? Your overall financial position will determine how you can complete this transaction.
In an ideal scenario, you put your home up for sale, find a buyer and sign a contract to close in 60 days. You then go out searching for a new home, find one, sign a contract to buy that home and schedule your closing to purchase your new home for the same day as you sell your existing home. You move out in the morning and … (0 comments)
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Should I change jobs before or after I buy a home? - 07/16/10 10:05 AM
Find out if changing jobs could hurt your ability to get a mortgage. Home buyers considering a job change should follow basic guidelines to make sure that they can still get approved for a loan when they buy a home.
If home buyers have a job now, use that job to qualify and keep that job until after closing, they will have no issue regarding their employment or income if they have a two year work history. That two year work history can be two years at the same job or two years at two or more companies in the same … (1 comments)
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Get The Most Cash Out From A Cash-out Refinance - 07/12/10 10:27 AM
What is the most cash you can get out of your home in today's mortgage market? Refinancing your mortgage to pay off your existing mortgage and also get cash from the equity in your home is called a cash-out refinance mortgage. Proceeds from these loans that are available to the borrower after paying off existing mortgages can be used for any purpose. These mortgages are different from rate and term refinance mortgages), where borrowers do not receive any cash back at closing. Mortgage lenders consider cash-out refinance mortgages riskier loans so they are harder to get approved for.
Maximum loan-to-value Ratio, … (1 comments)
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Do I Need Flood Insurance? - 07/02/10 02:38 PM
Find out what flood coverage you do and do not need when you are buying a home. First time home buyers will find out during the mortgage application process whether or not they will be required to get flood insurance. Even if not required, home buyers may want to consider flood insurance coverage depending on the flood zone of the property they are buying.
Who Needs Flood Insurance?
Federal law requires that any home with a mortgage from a federally owned insured lender such as Fannie Mae, Freddie Mac or FHA that is located in a high-risk flood zone must have … (1 comments)
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FHA Closing Costs | How To Lower Your Closing Costs With FHA Loans - 07/01/10 12:19 PM
Closing costs are often confusing, but Total Mortgage makes closing costs simple.
About Closing Costs
Closing costs for refinancing home owners are often a black box of fees that are confusing to understand. Closing costs often end up substantially different at closing than from the initial disclosure borrowers receive at application. Fortunately, there are ways to reduce your closing costs. The simplest way, of course, is to work with a mortgage lender that charges less in closing costs than competing lenders.
Total Mortgage: Keeping Costs Low
Total Mortgage takes the mystery and guesswork out of closing costs and makes them easy … (0 comments)
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How to Refinance Your Home in Massachusetts - 07/01/10 11:21 AM
Learn how to refinance your mortgage if you live in the state of Massachusetts
Refinancing in Massachusetts is easier and costs less than in many states
The refinance process in Massachusetts is relatively simple:
For an exact refinance rate quote for your New Jersey mortgage refinance, please email us or call us at 1-877-868-2503.
1. Select a mortgage lender.
2. Submit your application.
3. Lock in your interest rate. (View current mortgage rates in Massachusetts)
4. Select an attorney to close your loan.
5. Get all required documentation to your lender
6. After you are approved, close your loan with the … (1 comments)
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First Time Home Buyer Tax Credit Closing Date Extended By Senate - 07/01/10 09:15 AM
They waited until the very last minute, but last night the Senate passed the stand alone bill from the House of Representatives that would extend the closing date to claim the first time home buyer tax credit from June 30th until September 30th. The measure passed the Senate unanimously and President Obama is expected to sign the bill into law today.
Many people that had signed purchase agreements prior to April 30th were having trouble closing by June 30th due to backlogged lenders and servicers who were having difficulty dealing with the increased volume of home sales before the expiration of … (3 comments)
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Total Mortgage Services
Milford,
CT
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Total Mortgage Services
Address: 326 W. Main St., Milford, CT, 06460
Office Phone: (203) 876-2200
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