poulsbo: Step 5 in the 10-Step Homebuying Process
- 01/17/11 08:56 AM
Step 5. Ordering of Appraisal, Title, and Escrow - Once the inspection is complete and the decision to proceed has been confirmed, it is time for your Loan Officer to request your Appraisal, Title, and Escrow services.
5-a. The Loan Officer will order the property appraisal on your behalf. The appraisal is not ordered directly, but rather contracted through a third-party called an Appraisal Management Company (AMC). The Loan Officer will most likely request a cash deposit so that the funds are available to pay the appraiser as soon as the appraisal is delivered. Lenders request deposits because the appraiser … (0 comments)
poulsbo: Step 4 in the 10-Step Homebuying Process
- 01/12/11 11:29 AM
You've been pre-approved, and you're Real Estate Agent has helped you make an offer on a new home. It's time for your Home Inspection!
Step 4. Home Inspection - Once you have a home under contract, we always recommend that you hire a licensed and bonded home inspector to inspect the property on your behalf. The cost of the inspection is not typically considered a closing-cost, so it will be your responsibility as the buyer to provide a check for payment as soon as the service is complete. You will want to attend the home inspection if possible, so that … (4 comments)
poulsbo: Step 3 in the 10-Step Homebuying Process
- 01/06/11 11:41 AM
Step 3. Home Search - You and your Real Estate agent are now ready to go and search for a home. First-Time Homebuyers often wonder if they need to use a Real Estate Agent, especially if they have friends or relatives who they feel can guide them through the process. We always recommend working with a Licensed Real Estate Agent for many reasons, but here are 4 of the biggest: •1. You want a professional to guide you through the transaction. Friends and family are great, but they don't have the experience, tools, or legal knowledge necessary to ensure that … (0 comments)
poulsbo: Step 2 in the 10-Step Homebuying Process
- 01/05/11 08:53 AM
Step 2. Pre-approval- The 2nd step in the Home-buying process is Pre-approval. This can be done along with your initial consultation, or it can be done at a later date.
2-a. The first step toward pre-approval is to fill out a loan application. This can usually be done either in person, over the phone, or online through your lender's website. Here is the link to our online application.
It is not necessary to have an answer for every single question on the application, but it is critical to fill out the application as completely and accurately as possible. … (0 comments)
poulsbo: Step 1 in the 10-Step Homebuying Process
- 01/04/11 07:04 AM
Step 1. Initial Consultation - The first step in the process is to meet with a mortgage lender to discuss your goals and needs. This is a great opportunity to get all of your questions answered regarding financing and buying real estate. It is also the time where your lender will get to know more about you so that they can begin the process of determining which loan program will best suit your needs.
Some of the questions the lender may ask would be:1. What do you do for a living? How long have you worked … (3 comments)
poulsbo: The 10-Step Homebuying Process
- 01/04/11 06:51 AM
There is much agreement in the Real Estate circles that 2011 will be a year of increased homebuying. According to a recent article on Fortune.com, "In November (2010), the share of home purchases by first-time buyers surged to 37.2% from 34.4% the previous month, according to a monthly survey by Campbell/Inside Mortgage Finance, which tracks mortgage and housing industry trends." The website of the National Association of Realtors says that "Existing-home sales are projected to rise about 8 percent to 5.2 million in 2011 from 4.8 million in 2010″. Mike and I thought this would be the perfect time to educate … (0 comments)
poulsbo: Christmas Cheer from the Housing Sector
- 12/22/10 06:54 AM
A little Christmas cheer from the housing sector: Existing Home sales numbers arrived for November at 4.68M, better than expectations, as well as a nice pick up from October's numbers of 4.43M. Additionally, the inventory of unsold home declined to a 9.5 month supply, a good drop from the prior months 10.5 month supply. Encouraging news, as it shows that sidelined buyers are starting to dip their toes in the water - and with rates still relatively low, combined with affordable home prices, it remains an incredible time to buy!
(The Christmas Tree in the Legacy Group Silverdale Office) … (0 comments)
poulsbo: I'm a Celebrity
- 10/14/10 08:17 AM
I'm a celebrity now... although I don't consider myself a "foreclosure expert". I was quoted in a great article written for the local paper though. Check it out: http://www.kitsapsun.com/news/2010/oct/13/hang-onto-your-paperwork-foreclosure-experts/ Kevin Hancock Loan Officer License # MLO-108328 360.698.6478 office kevin.hancock@legacyg.com Please visit our new website at www.hancockmortgageteam.com
When we meet with a client, one of the many pieces of information we give them is a one page sheet titled "TIPS FOR A SMOOTH LOAN APPROVAL". This is a list of helpful tips to ensure an effortless loan process. These DO's and DON'T's will help avoid any delays with your loan approval. Because of what is known as the Fannie Mae Loan Quality Initiative, we are going to make some changes to our previous verbiage. The reason for this is that FNMA is now requiring that a new credit report be pulled just before closing to ensure … (0 comments)
Great News!!! The USDA program seems to be on the verge of securing new funding. Investors who purchase USDA loans are now beginning to issue guidance on how to handle the loans in the meantime. See below: "Fiscal Year 2010 Appropriated Funds - Issuing Conditional Commitments once Appropriated Funds are Exhausted The Single Family Housing Guaranteed Loan Program (SFHGLP) will issue Conditional Commitments once currently appropriated funds for Fiscal Year 2010 are exhausted. Conditional Commitments will be issued "subject to the availability of funds and Congressional authority to charge a 3.5 percent … (0 comments)
poulsbo: Rural Housing Preservation and Stabilization Act (H.R. 5017)
- 04/19/10 06:22 AM
One of the most frequent questions I get these days is "what is the future of the USDA program? I hear they are out of funds?" While this is true, I have always felt that they feds would find a way to renew funding for the program very soon. They can't allow such a powerful program to sit on the sidelines and disrupt the already fragile market, possibly reversing some to the momentum we as taxpayers have already paid for. It sounds like our government representatives agree, as the Rural Housing Preservation and Stabilization Act (H.R. 5017) is now being proposed. … (0 comments)
poulsbo: Market Update
- 03/26/10 11:15 AM
Just a few quick thoughts I wanted to get out to potential who may be wondering if now is the right time to pull the trigger on a new home purchase: 1. The Fed's purchase program for Mortgage Backed securities will end on March 31st. This will almost certainly result in higher interest rates for mortgage loans in the near future. 2. As of April 5th, the FHA up-front Mortgage Insurance Premium is going up from 1.75% to 2.25% of the base loan amount. This will increase the UFMIP for a home purchase price of $200,000 by almost $1,000. 3. To qualify … (0 comments)
poulsbo: USDA OUT OF MONEY...?
- 03/10/10 08:59 AM
photo courtesy of Francesco Marino at freedigitalphotos.net The rumors are already swirling that USDA could be running out of money to fund loans in the near future. I received the following e-mail this morning: "Loan Officers, This message is to notify you that program funding for the single Family Housing Guaranteed Loan Program will likely be exhausted by the end of April, 2010. Once funding is exhausted, the Agency will not issue Conditional commitments "subject to receipt of appropriated funds." This is because it is not certain when additional funding will be available. Limited Funding may become available for disaster … (0 comments)
poulsbo: Priceless Advice from Warren Buffet
- 03/03/10 12:45 PM
"Please Hold for Mister Buffett" is the title of the current Business Week (March 8, 2010 issue, pg. 30) Magazine cover story. The tag on the cover said "What's it like to have The Oracle as your biggest shareholder? CEOs share the good and bad that comes with answering to Warren." I found one quote in the article, attributed to Mr. Buffet, very evocative. He said "Those who won't fill your pocket will fill your ears." I thought about times in my life where somebody was trying to pitch an investment to me, and the light bulb went off! If somebody is trying … (2 comments)
Step 5. Ordering of Appraisal, Title, and Escrow - Once the inspection is complete and the decision to proceed has been confirmed, it is time for your Loan Officer to request your Appraisal, Title, and Escrow services.
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