By Zarine Torrey, Mortgage Loan Officer
One of the most stressful decisions in your life will also be one of the most important decisions in your life. It’s not picking the right college or choosing the perfect partner, but it’s choosing your home! It can be overwhelming, but if you put these tips in action you can make the process of finding your dream home manageable.
Consider your finances – buying a home is a big purchase and a big commitment. Make sure you are comfortable making that mortgage payment and if needed, you are comfortable with putting money aside for home …
By Annemarie Rogers, Mortgage Loan Officer
Buying a foreclosed property can be a great way to get a good deal on a home, but the process of buying a foreclosed home doesn’t come without its challenges. While foreclosed properties can be a good deal, it’s important to know how buying a foreclosure can impact the mortgage process and which financing options you have.
When a home falls into foreclosure, the homeowner had a mortgage and was unable to make the payments. When a homeowner is behind on their mortgage, they may be financially unable to complete basic maintenance items that affect the …
By Ted Lyons, Brighton Branch manager
When it comes to the funds needed to close on a home purchase, generally everyone knows one of the biggest components – the down payment. But when contemplating a home purchase it is important to remember that there are other funds needed as well including:
Reimbursing the seller for property taxes paid in advance
Setting up an escrow account for future taxes
The first year’s home owner’s insurance premium, which is collected at the closing
Setting up an escrow account for future insurance premiums
Costs (appraisal, title closing fee, title insurance, and county recording charges, …
By Jim Cleer, Mortgage Loan Officer
Congratulations! You just bought a new home and should be closing on the purchase in the near future. So, when should you schedule your movers? Buying a new home can be stressful enough without adding the pressure of packing up all your belongings and moving to your new home. Below are some helpful tips that should alleviate some of that stress.
Schedule your closing first. The mortgage process is complex and little things can pop up at any time to delay your closing by a day or two. Things seldom go exactly as planned when …
By Alan Crawford, Mortgage Loan Officer
In general, if you cannot or do not want to put a 20% down payment on a home, or don’t have a 20% equity stake for a refinance, you will be required to buy a private mortgage insurance (PMI) policy as part of the mortgage process.
It is proven that if a borrower does not have a substantial down payment, then they are far more likely to default. This is why lenders require buyers to borrow no more than 80% of the home price. The problem is that many potential buyers do not have such a …