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Basic Tips for Getting a Home Loan

Oct 16
5:49
PM
Category | General

Buying a home can be a daunting task.

 

It’s important to take the home purchase process step-by-step.  Your mortgage professional at Mann Mortgage wants you to know that help is available to understand and streamline the process for you.

 

Prepare to apply.  In order to apply for a mortgage, you will want to do your homework first.  This means knowing your financial picture.  Assess your household budget and savings, seeing just how much you can afford to spend on a down payment as well as monthly mortgage-related expenses.  You will next want to request your credit report.  Your credit report will have an impact on what the interest rate will be on your home loan and if you will, in fact, qualify for a loan.  Your credit score shows a lender essentially how trustworthy you are.  While a poor credit score can hurt your chances of obtaining a low rate, don’t let it completely discourage you.  There are ways to purchase a home even with a less-than-perfect score.  There are also ways to raise your score, so you may be able to qualify in the near future.

 

Get pre-qualified.  Once you know you want to purchase a home, you will want to consider getting pre-qualified.  This can help speed up the process, not to mention it can help you avoid potential headaches down the road.  For example, you might have found the home of your dreams, but getting approved for a mortgage could take time which could cost you an opportunity to buy your dream home.  As long as your financial situation doesn’t change once you are pre-qualified, you should be all set when you do decide you’ve found the right home.

 

Finding a home.  By getting pre-qualified, you’ll know how much home you can afford.  Now your home search can begin in earnest with the confidence that you’ll be choosing a home that you can afford.

 

Final loan approval You will receive final approval for a home loan if you have a good credit score and debt-to-income ratio.  Keep in mind that approval could depend on certain financial or property conditions that must be met.

 

 

 

 

This ad is not from HUD, VA, or FHA and was not reviewed or approved by any government agencies.

 


Nearly 25% of first-time home buyers use cash gifts as a down payment on a home, according to the 2017 National Association of Realtors Profile of Home Buyers and Sellers report.  But getting gift money for a down payment isn’t as easy as just taking the money.  Rules and regulations must be adhered to when getting someone to close on their dream home.

 

Here are some do’s and don’ts if you are thinking about using a gift for your down payment.

 

General Rules:

Conventional:  You can only use gift money on primary residences and second homes.

FHA, USDA, and VA:  You can only use gift money on primary residences.

 

The Do’s

  • Paper trail everything!
  • Do get a gift from parent, grandparent, sibling, spouse, domestic partner or significant other if you’re engaged to be married.  FHA: also includes a close friend or an employer
  • Do have the gifter get a verification of funds document from their bank showing what their current balance is and the withdrawal.
  • Do get a copy or a picture of the check or cashier’s check.
  • Do get a Bank Statement or Transaction History from your account showing the deposit of the gift money.
  • Do include a gift letter.   We’ll provide one with all the necessary information.

 

The Don’ts

  • Don’t get the gift in cash!!!
  • Don’t let the gifter cross out their account number on anything.
  • Don’t get a gift from the seller, builder or real estate agents involved in the transaction.
  • Don’t use gift funds on investment properties.

 

Gifts of Equity

A “Gift of equity” refers to a gift provided by the seller of a property to the buyer.  The gift represents a portion of the seller’s equity in the property and is transferred to the buyer as a credit in the transaction.  The seller must be a blood or legal relation.  The gift must be a part of the contract.  An official gift letter will still need to be completed.

 

Every loan and every situation is different.  Come on in and talk with a mortgage officer today to find out more details that would relate to your specific situation.

 

This ad is not from HUD, VA, or FHA and was not reviewed or approved by any government agencies.


Paying Points on Your Mortgage

Aug 20
3:13
PM
Category | General

What is a Point?

 

When exploring mortgage options, you’ll find quotes from some lenders that include “points”.  A single point is a fee equal to 1% of the loan amount (or $1,000 for every $100,000).

 

There are two kinds of points borrowers can pay:

 

  • Origination points:  These are charged by the lender to cover the cost of producing the loan.  They are not tax deductible.

 

  • Discount points:  These points are actually pre-paid interest on the mortgage.  This is also called “buying down the rate”.  The more points you pay, the lower the interest rate on the loan which can lower your monthly mortgage payments.  Borrowers typically can pay anywhere from 0-4 points, depending on how much they want to lower their rate.  This kind of point is tax-deductible.

 

Will you Break even?

It’s important to consider how long it takes to recoup the cost of buying points.  This is called the break-even period.  To figure it out, divide the cost of the points by how much you save on your monthly payment.  The resulting number is how long it takes for the monthly payment savings to equal the cost of the points.

 

 

 

This ad is not from HUD, VA, or FHA and was not reviewed or approved by any government agencies.

 


Top 10 Improvements to Add Value to Your Home

Homeowners like to give priority to home improvements that will help add significant value to their property’s home value and ultimately raise the sale price.  But with so many home improvement options available, how do you know which to invest in first?

 

Below are 10 ways to increase your home’s value as well as increase its ability to sell.

 

Enhance the Curb Appeal

The simplest rule to follow when choosing home improvement projects is to consider what can be seen and then work on those things first.  Curb appeal is one of the primary determining factors for potential buyers.  And while not a large factor in appraising home value, appearance is paramount in terms of sale price.

Increase the Properties Size

The size and living space of a home is one of the primary factors in both appraised value as well as the resale price a home will fetch when listed for sale.  If you have an unfinished basement or other space in your home that can be converted into finished living space, start there.  Finishing a basement or attic space is far less expensive than a room addition.

Update Bathrooms

If your home has out of date bathrooms, then updating them is likely to be a good investment to increase the resale value.  Most buyers are attracted to a home with modern, spacious, and up to date bathrooms.

Update the Kitchen

As with bathrooms, updating an older kitchen will often increase the resale value of a property.  You can cut costs by refinishing cabinets, installing new appliances, replacing countertops and flooring and improving the lighting in your kitchen.

Increase Storage Space

Most house buyers today want plenty of room to store things like vacuums, ironing boards, bedding, toys etc.  So, anything you can do to increase the amount of space and functional storage capacity of your home will help add resale value and is often less expensive than major renovations, repairs or room addition projects.

Add a Garage

If your home does not have a garage, adding one can be another good investment to increase resale value.

Fix Any Major Faults

If your home has an older roof, heating and air conditioning system, water heater or other major component, replacing them will increase the value of your home as well as lower future maintenance costs.

Paint and Redecorate the Interior

Be sure to use neutral colors when repainting your homes interior.  Future owners may not like bright shades or the prospect of struggling to paint over them.

Increase/Improve Backyard Space

As with adding a garage, the return on investment for adding outdoor living space such as a screened porch, deck or patio is largely dependent on geography.  If you live where the weather is tempered, this can be a very good investment and is generally less costly than adding interior living space.

Replacing Siding and/or Windows

Replacing windows can be another high-return investment.  If your home has unsightly windows, or windows made from wood or aluminum, then replacing them with modern double paned windows will increase both the exterior appeal and energy efficiency of your home.

 

 

This ad is not from HUD, VA, or FHA and was not reviewed or approved by any government agencies.


Moving Checklist

Jul 3
5:29
PM
Category | General

Moving Checklist

Stay organized during your move with a Moving Checklist.  This moving checklist will help you during your move and minimize stress during the big moving day.

 

Your Stuff

High quality garbage bags for packing and trash.

Packing tape dispenser and durable packing tape.

More storage boxes than you think you’ll need.

Plain newspaper & plastic grocery bags for breakables.

Permanent marker for labeling every box and wrapped item. 

 

Your Needs

Bathroom supplies for one bathroom: toilet paper, hand towels, and soap.

Dish soap and sponge to rewash any dishes that got dusty or dirty during the move.

Doormat to cut down on dirt being tracked in.

Rags and a bucket for immediate cleaning of your furniture, cabinets, floors, and surfaces.

Bottled water and a cooler with ice for you and your movers.  Trail mix is a great snack to have on hand too!

 

Your First 24 Hours

A suitcase of clothes, toiletries, and everyday highly used items. (Toothbrush, Hair brush, Contact Solution, etc.)

Small supply of plasticware; plastic utensils, paper plates, and napkins.

Pet owners: a few meals worth of pet food in separate plastic baggies.

A shower curtain liner.

Light bulbs or a floor lamp if your new home doesn’t have ceiling fixtures.

Sheets or something to cover the windows with until you get window coverings.

 

 

 

This ad is not from HUD, VA, or FHA and was not reviewed or approved by any government agencies.


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