September 2012
What You Need To Know About Using Gift Funds When Buying A Home It is not uncommon for prospective home buyers to use gift funds when purchasing their home. Gift funds are often used to off-set the down payment or closing costs. Here are the basic guidelines that need to be followed: Gift Funds must [...]
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Using A Professional Realtor In Today’s Housing Market Is Essential Buying or selling a home in today’s housing market is a difficult process all by itself. Choosing a Realtor with the ability to negotiate and understanding how important timing can be has never been more important. Here are some great reasons why you should use [...]
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Know What Makes Up The Cash To Close On Your Home Loan We believe that all clients need to fully understand what it takes to close on their home loan. The cash needed to close has consistently provided confusion in all borrowers’ minds. Understanding what this consists of will better prepare you for the mortgage [...]
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Have The Right Documentation Early When Applying For A Home Loan Applying for a Home Loan seems complicated to most, but having the right documentation available at the time of application will streamline this process immensely. Here’s what you will need to get started: Basic information Needed To Run Credit Report Full legal name and [...]
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Pre-Approval Letter – Essential To Purchase A Home In today’s purchase market, the Pre-Approval process and what we call having The Letter is important in how it relates to you, the prospective home buyer. This process helps you prevent the swing and miss at buying the home of your dreams. A Pre-Approval Letter simply states [...]
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Pre-Approval Letter – Smart, Fast and Easy! The Pre-Approval process is quick and easy, and has many benefits when it comes time to placing an offer on the home of your dreams. The main benefit is identifying how much you can truly afford on a home along with the associated price range you should be [...]
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Be Prepared To Close On Your Home Loan Well, you almost made it. You have been on quite the ride on the mortgage roller coaster, from bank statements to paychecks, explaining bank deposits to verification of employment. You are near the end of the mortgage process and are preparing to close on your home loan. [...]
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Refinancing With A 2nd Mortgage – A Subordination Agreement Is Needed If you are refinancing your primary mortgage, you may have a second mortgage or home equity loan in place. If so, a subordination agreement from the servicer of that second loan will be required. A subordination agreement is an acceptance letter from the servicer [...]
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Verbal Verification Of Employment Is Required To Close Your Home Loan One of the more common snags to closing on your home loan is the verbal verification of employment. Prior to closing, your employment verification will need to be verified by a Human Resources or Payroll representative at your company. If you are self employed, [...]
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Bank Deposits Of All Sizes Can Cause Headaches Recently, underwriters have been requiring that all significant deposits other than payroll be documented with some sort of paper trail. These “significant” deposits can range from: $10 Mail-in-Rebate checks $50 Birthday checks from Grandma $600 in quarters from a laundromat The underwriters are not deeming any deposits [...]
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