Moreira Team finally announces the release of the 600 FICO Mortgage Streamline IRRRLs! It’s new VA Home Loan, has been in development.The VA Streamline Refinance (Interest Rate Reduction Refinance Loan (IRRRL)). The IRRRL allows you to refinance your current mortgage interest rate to a lower rate than you are currently paying. The Streamline loan […]
Choosing the Right Home Loan is not Easy Does this story resonate with you? You managed to save up enough money to cover your mortgage loan down payment and closing fees. You think your ready to buy a home so you decide to go to a few open houses and you see some really nice homes […]
Well, as this buying a home story shows, this will likely be the first opportunity to examine the house without furniture giving you a clear view of everything. Check the walls and ceilings carefully as well as any work the seller agreed to do in response to the home inspection. During this step of the […]
What you’ll see in this mortgage video is, there may be closing costs customary or unique to a certain locality but closing costs are usually made up of the following: Real Estate Attorney’s or escrow fees (Yours and those of your mortgage lender if applicable) Property taxes (to cover tax period to date) Interest (paid […]
While this video simplifies closing day tips to help you remember: you’ll present your paid homeowner’s insurance policy or a binder and receipt showing that the premium has been paid. The closing agent will then list the money you owe the seller remainder of down payment, prepaid taxes, and so on. and then the money […]
The U.S. Department of Housing and Urban Development – also known as HUD – was established in 1965 to develop national policies and programs to address housing needs in the U.S. As you’ll see in the video, one of HUD’s primary missions is to create a suitable living environment for all Americans by developing and […]
The FHA is generally more flexible than conventional loan lenders when considering credit history in its home loan qualification guidelines. As we show you in this video, the FHA allows you to re-establish credit if: two years have passed since a bankruptcy has been discharged all judgments have been paid any outstanding tax liens have […]
The video puts falling behind on a conventional loan in more visual terms, but most importantly, talk to your mortgage lender about specific loss mitigation options. Work directly with him or her to request a “workout packet.” A secondary home loan lender, like Fannie Mae or Freddie Mac, may have purchased your mortgage loan. Your […]
A state license is required to sell real estate, but roughly half of those licensed take the additional step of becoming a REALTOR®. As we show you in this video, only members of the National Association of Realtors – NAR – are entitled to use that registered trademark and call themselves a REALTOR®. As members, […]
The video describes what a counter offer is in more visual terms, but basically, a seller can respond to a buyer’s offer with changes – a “counter” – that improves the terms. You need to put yourself in their shoes and construct a modified offer that you think they might take that meets more of […]
Like the video shows, mortgage insurance is a policy that protects home loan lenders against some or most of the losses that result from defaults on home mortgages. Like home or auto insurance, mortgage insurance requires payment of a premium, is for protection against loss, and is used in the event of an emergency. If […]
Like the video shows, it’s a good idea to compare several real estate brokers. And ask these questions. What is your experience in my community and neighborhood? What type of representation do you offer? Different states have different types. Some brokers represent buyers, some represent sellers some act as neutral parties between both. and in […]
HUD helps people by administering a variety of programs that develop and support affordable housing. As you’ll see in the video, HUD plays a large role in homeownership by making loans available for lower- and moderate-income families through its FHA mortgage insurance program and its HUD Homes program. HUD owns homes in many communities throughout […]
This video tells you about it all. PMI stands for Private Mortgage Insurance or Insurer. These are privately-owned companies that provide mortgage insurance. They offer both standard and special affordable programs for home loan borrowers. These companies provide guidelines to mortgage lenders that detail the types of home mortgage loans they will insure. Home lenders […]
Like the video says, there are no easy ways to improve your credit score but you can work to keep it acceptable by maintaining a good credit history. Remember, the higher your score the better your home mortgage terms. Pay your bills on time. Pay down cards and keep monthly debts sustainable. Limit your overall […]
Watch this video and take a few notes on comparing mortgage lenders! First, devise a checklist for the information from each home lending institution. You should include: the company’s name and basic information the type of mortgage minimum down payment required interest rate and points closing costs loan processing time whether prepayment is allowed Speak […]
You’ll see some pictures in this video to help you remember later, but a good faith estimate lists all fees paid before closing all closing costs, and any escrow costs you will encounter when purchasing a home. The mortgage lender must supply it within three days of your application so that you can make accurate […]
As we show you in this video: The Settlement Statement, HUD-1 Form, which itemizes services provided and the fees charged; it is filled out by the closing agent and must be given to you at or before closing. A Truth-in-Lending Statement A copy of your Mortgage Note Your Mortgage or Deed of Trust The Binding […]
As you’ll see in this video, you can find out if you are ready to buy a home by asking yourself some simple questions: Do I have a steady source of income (usually a job)? Have I been employed on a regular basis for the last 2-3 years? Is my current income reliable? Do I […]
As you’ll see in the video, mortgage lenders consider your debt-to-income ratio, which is a comparison of your gross (pre-tax) income to housing and non-housing expenses. Non-housing expenses include such long-term debts as car or student loan payments, alimony, or child support. According to the FHA, monthly mortgage payments should be no more than 29% […]
Remember these pointers from this video on buying a home: start by thinking about your situation. Are you ready to buy a home? How much can you afford in a monthly mortgage payment? How much space do you need? What areas of town do you like? After you answer these questions, make a “To Do” […]
Like the guy in the video says, purchasing a home and renting don’t really compare at all. The one advantage of renting is being generally free of most maintenance responsibilities. But by renting, you lose the chance to build equity take advantage of tax benefits and protect yourself against rent increases.Also, you may be at […]
This video tells you what any real estate professional would tell you – select a community that will allow you to best live your daily life. Many people with children choose communities based on schools. Do you want access to shopping and public transportation? Is access to local facilities like libraries and museums important to […]
Watch this video on Credit Reports and take a few notes! There are three major credit reporting companies: Equifax – www.equifax.com 1-800-685-1111 Experian – www.experian.com 1-888-397-3742 Trans Union – www.transunion.com 1-800-916-8800 Obtaining your credit history is as easy as calling and requesting one. Once you receive the report, it’s important to verify its accuracy.
Like the video says, immediately contact the U.S. Department of Housing and Urban Development (HUD) if you ever feel excluded from a neighborhood or particular house. Also, contact HUD if you believe you are being discriminated against on the basis of race, color, religion, sex, nationality, familial status, or disability. HUD’s Office of Fair Housing […]
Watch this video and it’ll easily explain the differences between a mortgage pre-approval and a home loan pre-qualification. Pre-qualification is an informal way to see how much mortgage you maybe able to borrow. You can be ‘pre-qualified’ over the phone with no paperwork by telling a home lender your income, your long-term debts and how […]
Like the guy in the video says, simple credit report mistakes are easily corrected by writing to the reporting company, pointing out the error and providing proof of the mistake. You can also request to have your own comments added to explain problems. For example, if you made a payment late due to illness explain […]
As we show you in this video, a credit bureau score, or “credit score” is a number based upon your credit history that represents the possibility that you will be unable to repay a loan. Home lenders use it to determine your ability to qualify for a mortgage loan. The better the score, the better […]
As you’ll see in this video, many of your home buying questions should focus on potential problems and maintenance issues. Does anything need to be replaced? What things require ongoing maintenance like paint, roof, heating and AC, appliances and carpet? When buying a house, also ask about the property and neighborhood focusing on quality of […]
This video goes over the ins and outs of property tax. The total amount of the previous year’s property taxes is usually included in the listing information. If it is not, ask the seller for a tax receipt or contact the local assessor’s office. Tax rates can change from year to year so these figures […]
Well, as this story shows, there isn’t a definitive answer to this question. You should look at each home for its individual characteristics. Generally, older homes may be in more established neighborhoods offer more ambiance and have lower property tax rates. People who buy older homes, however shouldn’t mind maintaining their home and making some […]
As we show you in this video, in addition to comparing the home to your minimum requirement and wish lists use the HUD Home Scorecard and consider the following when buying a home: Is there enough room for both the present and the future? Are there enough bedrooms and bathrooms? Is the house structurally sound? […]
There are some great tips in this video, like: If possible, take photographs of each house: the outside, the major rooms, the yard and extra features that you like or ones you see as potential problems. Write things down as you go. And don’t hesitate to return for a second look. Use the HUD Home […]
As we show you in this video, a home inspector checks the safety of your potential new home. Home Inspectors focus especially on the structure, construction and mechanical systems of the house and will make you aware of only repairs that are needed. A home inspection does not evaluate whether or not you’re getting good […]
Remember these pointers from the video: you may want to include an inspection clause in the offer when negotiating for a home. A home inspection clause gives you an “out” on buying the house if serious problems are found or gives you the ability to renegotiate the purchase price if repairs are needed. An inspection […]
It’s not required, but it’s a good idea. As this story shows, let the home inspector do their job while you take notes and pictures. Following the inspection the home inspector will be able to answer questions about the report and any problem areas. This is also an opportunity to hear an objective opinion on […]
As we show you in this video, laws vary by state. Some states require a lawyer to assist in several aspects of the home buying process while other states do not as long as a qualified real estate professional is involved. Even if your state doesn’t require one you may want to hire a lawyer […]
The video puts this in more visual terms, but Yes! A paid homeowner’s insurance policy (or a paid receipt for one) is required at closing so arrangements will have to be made prior to that day. Involving the insurance agent early in the home buying process may save you money. Insurance agents are a great […]
You’ll see some pictures in this video to help you remember later, but basically, be sure to get quotes from several insurance companies to ensure a competitive homeowners insurance cost. Also, consider the cost of insurance when you look at homes. Newer homes and homes constructed with materials like brick tend to have lower premiums. […]
A flood plain is an area of land adjacent to a stream or river that experiences flooding during periods of high discharge. Watch this video and it’ll make sense. If you live in a flood plain home lenders will require that you have flood insurance before lending any money to you. But if you live […]
Watch this video and take a few notes! Always check to see if the house is in a low-lying area in a high-risk area for natural disasters like earthquakes, hurricanes, tornadoes, etc. or in a hazardous materials area. Be sure the house meets building codes. Also consider local zoning laws which could affect remodeling or […]
Watch this video and it’ll make sense. Your real estate agent will assist you in making an offer which will include the following information: The Complete legal description of the property The Amount of earnest money The Down payment and financing details The Proposed move-in date The Price you are offering The Proposed closing date […]
As you’ll see in this video, unless you have a buyer’s agent remember that the agent works for the seller. Make a point of asking him or her to keep your discussions and information confidential. Listen to your real estate agent’s advice but follow your own reason on deciding a fair price. Calculating your offer […]
Like the video shows, “earnest money” is money you put down to demonstrate your seriousness about buying a home. It must be substantial enough to demonstrate good faith and is usually between 1-5% of the purchase price though the amount can vary with local customs and conditions. If your offer is accepted the earnest money […]
You’ll see some pictures in this video to help you remember later, but essentially, home warranties offer you protection for a specific period of time, such as one year, against potentially costly problems like unexpected repairs on appliances or home systems which are not covered by homeowner’s insurance. Warranties are becoming more popular because they […]
Yes. Like the video shows, home loan lenders now offer several affordable mortgage options which can help first-time homebuyers overcome obstacles that made purchasing a home difficult in the past. Mortgage advisors may now be able to help borrowers who don’t have a lot of money saved for the down payment and closing costs, have […]
This video tells you about the most common types of home loans: Fixed Rate, ARM, Balloon and 2-Step. First, Fixed Rate Mortgages: Payments remain the same for the life of the loan generally 15 years or 30 years. Interest rates remain the same, so payments are predictable. A second common type is an Adjustable Rate […]
What you’ll see in this video is, an Adjustable Rate Mortgage (ARM) may make sense if: you are confident that your income will increase steadily over the years you anticipate a move in the near future and aren’t concerned about potential increases in home loan interest rates ARMs generally offer lower initial interest rates. Monthly […]
While this video simplifies things to help you remember, the loan to value ratio (LTV) is the amount of money you borrow compared with the price or appraised value of the home you are purchasing. Each home mortgage loan has a specific LTV limit. For example: With a 75% LTV loan on a home priced […]
For both, as we show you in this video, compared with other options, with fixed rates, your mortgage payments won’t be affected by interest rate changes and inflation. With A 30-Year Term: In the first 23 years of the loan more interest is paid off than principal meaning larger tax deductions. As inflation and costs […]
Usually, Yes. Like the guy in the video says, by sending in extra money each month or making an extra payment at the end of the year you can accelerate the process of paying off your mortgage loan. When you send extra money, be sure to indicate that the excess payment is to be applied […]
There are mortgage options now available that only require a down payment of 5% or less of the purchase price. You’ll see some pictures in this video to help you remember later – the larger the down payment, the less you have to borrow and the more equity you’ll have. Mortgages with less than a […]
The monthly mortgage payment mainly pays off principal and interest. But most lenders also include local real estate taxes homeowner’s insurance, and mortgage insurance, if applicable. If you are refinancing compare what is and isn’t included in your financing options. Watch this video and it’ll make sense.
Well, as this story shows, the amount of the down payment the size of the mortgage loan, the interest rate the length of the repayment term and payment schedule will all affect the size of your mortgage payment. In bullets: down payment loan size interest rate – fixed or adjustable repayment term – how long […]
As you’ll see in the video, a lower interest rate allows you to borrow more money than a high rate with the some monthly payment. Interest rates can fluctuate as you shop for a loan so ask lenders if they offer a rate “lock-in” which guarantees a specific interest rate for a certain period of […]
Like the video shows, if interest rates drop significantly you may want to investigate refinancing. According to the US Dept of Housing & Urban Development most experts agree that if you plan to be in your house for at least 18 months and you can get a rate 2% less than your current one refinancing […]
Discount points allow you to lower your interest rate. While this video simplifies things to help you remember, “points” are essentially prepaid interest with each point equaling 1% of the total loan amount. Generally, for each point paid on a 30-year mortgage the interest rate is reduced by 1/8 (or.125) of a percentage point. When […]
To ensure you won’t fall victim to loan fraud, as you’ll see in this video, be sure to follow all of these steps as you apply for a loan: Be sure to read and understand everything before you sign. Refuse to sign any blank documents. Do not buy property for someone else. Do not overstate […]
The video puts this in more visual terms, but 203(b) is the most commonly used FHA program. It offers a low down payment, flexible qualifying guidelines limited lender’s fees, and a maximum loan amount. 203(k) loans enable homebuyers to finance both the purchase and rehabilitation of a home through a single mortgage. A portion of […]
There are some great tips in this video, like: Call or write to your lender as soon as possible. Clearly explain the situation and be prepared to provide financial information. If you fall behind – Keep living in your home to qualify for assistance. Contact a HUD-approved housing counseling agency and cooperate with the counselor/lender […]
Remember these points from the video: The FHA works to make homeownership a possibility for more Americans. With the FHA, you don’t need perfect credit or a high-paying job to qualify for a loan. The FHA also makes loans more accessible by requiring smaller down payments than conventional loans. In fact, an FHA down payment […]
As we show you in this video, FHA loan limits vary throughout the country, from $115,200 in low-cost areas to $208,800 in high-cost areas. The amount varies for limits in Georgia by county and an average limit in 2016 is $271,050 for a single family residence. The loan maximums for multi-unit homes are higher than those […]
Watch this video and take a few notes: seasonal pay child support retirement pension payments unemployment compensation VA benefits military pay Social Security income alimony, and rent paid by family all qualify as income sources. Part-time pay, overtime, and bonus pay also count as long as they are steady. Special savings plans-such as those set […]
The (2015) limits for FHA debt-to-income ratios are 31% for housing-related debt, and 43% for total debt. But there are exceptions to these general rules. So don’t be discouraged if you’re slightly above those numbers.. With a conventional loan, this qualifying ratio allows only 28% toward housing and 36% towards housing and other debt. You […]
While this video simplifies things to help you remember, except for the addition of an FHA mortgage insurance premium, FHA closing costs are similar to those of a conventional loan. As of 2013, the FHA requires a single, upfront mortgage insurance premium equal to 2.25% of the mortgage to be paid at closing (or 1.75% […]
Ask your real estate agent or lender for information on the HELP program from the FHA. As we show you in this video, HELP – Homebuyer Education Learning Program – is structured to help first time buyers begin the homebuying process. It covers such topics as budgeting, finding a home, getting a loan, and home […]
RESPA stands for the Federal Real Estate Settlement Procedures Act. This video tells you about it all. RESPA requires lenders to disclose information to potential customers throughout the mortgage process. By doing so, it protects borrowers from abuses by lending institutions. It mandates that lenders fully inform borrowers about all closing costs, lender servicing and […]
As we show you in this video, an escrow account is an account, established by your lender, to set aside a portion of your monthly mortgage payment to cover annual charges for homeowner’s insurance mortgage insurance (if applicable), and property taxes. Escrow accounts are a good idea because they assure money will always be available […]
You’ll see some pictures in this video to help you remember later, but the first step in securing a loan is to complete a loan application. To do so, you’ll need the following information. Pay stubs for the past 2-3 months. W-2 forms for the past 2 years. Information on long-term debts. Recent bank statements […]
Every house is unique; appraisers are trained and licensed for expertise in putting a value on properties. Appraisers don’t work for the buyer or the seller; their primary mission is actually to protect the lender who’s risking money against the home’s value. Appraisers have to weigh factors about the property and location – including size, […]
What is title insurance and why should any buyer get it when purchasing a home (single family, townhouse, condo, apartment, or whatever format your home purchase takes)? Doesn’t the attorney or settlement company handling the closing see to it that you have a clear title? Isn’t this just another way for someone to siphon a few coins off a […]
Purchasing a home is exciting. Once escrow begins, the excitement can change to frustration, particularly if you are not ready for the closing costs that quickly accumulate. Closing costs simply refer to the fees associated with various things associated with the escrow process in a real estate transaction. In the excitement of having an offer accepted for your dream home, […]
Like the video says – real estate agents aren’t paid by the hour!They’re paid a percentage of the purchase price in a successful real estate transaction. When one agent represents the sellers and another represents the buyers the commission is typically split between them. In the US, real estate commissions are commonly 6% of the […]
Yes, loan origination involves costs and fees. As you’ll see in the video, when you turn in your application you’ll be required to pay a loan application fee to cover the costs of underwriting the loan. This fee pays for the home appraisal a copy of your credit report and any additional charges that may […]
What Are Builder Incentives? Builders sell homes which are a complex, long-term purchase. For specific homes or lots in a project, at certain times they may improve terms in some way to incent someone to buy the home promptly – in other words “Incentives.” This video categorizes and summarizes some types you might encounter. Broadly […]
Your new favorite video! Before you fall in love with a model home and neighborhood visuals compare builders with these questions. How many homes have you built, over how many years? Can you give me references from prior buyers? Are you licensed and insured? What home plans are offered in this project? Who will oversee […]
This video explains that some specific kinds of lending organizations are exempt from the ability-to-repay laws enacted in 2014. These include: Community Development Financial Institutions Community Housing Development Organizations, or Downpayment Assistance Providers, and State Housing Finance Agencies In addition, small nonprofit organizations that make relatively few home loans, and loans made under Federal programs […]
The video puts this in more visual terms, but your personal situation will determine the best kind of loan for you. By asking yourself a few questions, you can help narrow your search between the many options available and discover which loan suits you best. Do you expect your finances to change over the next […]
What Is A VA Certificate of Eligibility, or COE? The COE is the key document that verifies to lenders that someone is eligible for a VA-backed loan. Servicemembers, Veterans and National Guard and Reserve members may apply online or through their lender; most lenders have access to the system and can verify eligibility IF the […]
Who is va funding fee exempt and NOT required to pay the fee? This video could save some veterans thousands. VA loan applicants pay a funding fee – as of 2014, 2.15% of the total loan amount – which can be thousands of dollars. Some veterans and spouses are eligible for exemption. Broadly speaking, veterans who […]
The original phrase “mort gage” translates as “death pledge”! But as this video explains, a mortgage is a loan obtained to purchase real estate. The “mortgage” itself is a lien – a legal claim on the home or property that secures the promise to pay the debt. All mortgages have two features in common: principal […]
The best answer is “get help from a real estate professional.” But…if you only have a few minutes for a video, here are five points to consider. 1. Start With Measurement Learn the average per-square-foot price for recent sales in your neighborhood. That won’t set your final price, but it’s a baseline buyers will use. […]
The video puts this in more visual terms, but yes! You can assume an existing FHA-insured loan, or, if you are the one deciding to sell allow a buyer to assume yours. Assuming a loan can be very beneficial since it is a streamlined process and less expensive compared to that for a new loan. […]
What Are Joint Loans? When two or more veterans seek a VA loan additional rules and guidelines apply. This video explains the basics. Official VA guidelines state that “strengths of one veteran related to income and/or assets may compensate for weaknesses of the other.” BUT… “satisfactory credit of one veteran cannot compensate for poor credit […]
The video puts this in more visual terms, but with the exception of a few additional forms the FHA loan application process is similar to that of a conventional loan. With new automation measures FHA loans may be originated more quickly than before. And, if you don’t prefer a face-to-face meeting, you can apply for […]
There are some great tips in this video. Choose your lender carefully. Look for financial stability and a reputation for customer satisfaction. Be sure to choose a company that gives helpful advice and that makes you feel comfortable. A lender that has the authority to approve and process your loan locally is preferable since it […]
It usually takes a lender between 1-6 weeks to complete the evaluation of your application. Like the video shows, it’s not unusual for the lender to ask for more information once the application has been submitted. The sooner you can provide the information the faster your application will be processed. Once all the information has […]
While everyone uses electricity concerns about possible effects from high-tension power lines nearby are a common question. As this video shows, according to the US Department of Housing & Urban Development as of 2013, there are no definitive research findings that indicate exposure to power lines results in greater instances of disease or illness.
As you’ll see in this video is, if the house you’re considering was built before 1978 and you have children under the age of seven you will want to have an inspection for lead-based paint. It’s important to know that lead flakes from paint can be present in both the home and in the soil […]
The video puts this in more visual terms, but basically, contact the local Chamber of Commerce for promotional literature or talk to your real estate agent about welcome kits, maps, and other information. You can get information about school systems by contacting the city or county school board or the local schools. You may also […]
Can I Buy A Farm With a VA Loan? As this video shows, you can’t buy a farm unless it has a farmhouse that is a substantial part of the farm’s value with a VA loan. VA loans are specifically for the veteran’s residence. A VA loan for a farmhouse does not require that the […]
As this video explains, new home builders and resale sellers sometimes offer a “decorating allowance.” Typically, this enables buyers to upgrade things like carpets, flooring and appliances and take advantage of the builder’s economies of scale. If you’re buying, ask the seller these questions about a decorating-allowance offer: What terms must your offer satisfy to […]
This video gives you some ways to frame that question. It’s more efficient and less paperwork for home builders to have financing on new-home sales handled by a single lender. So builders, particularly on larger projects, frequently make arrangements with a “preferred lender.” That lender can be fully informed about their building project which may […]
Moreira Team was happy to see our mortgage ebook library mentioned in the March 7th Huffington Post article 4 Main Data Points On How to Be Financially Free by Tom Ayling. The article itself was packed with tips on four major financial areas which some of those in the financial know are taking advantage of […]
Like the man says, a blueprint is not a house – so conventional home mortgages don’t apply to construction projects. However, most blueprints become houses – so loans that cover construction, then convert to permanent mortgages or “construction perm” loans are fairly common. The development loan phase is frequently a variable-rate loan, with scheduled loan “draws” […]
How Does Divorce Affect VA Loan Re-Eligibility? This video highlights the rules. If a veteran with a spouse purchases a home with a VA mortgage they are not eligible for another VA loan until that loan is paid in full. If the veteran’s spouse is awarded the property in a divorce settlement the veteran’s entitlement […]
Can I Use My VA Eligibility More Than Once? As the video explains – under the right conditions, yes. Eligible veterans may qualify for another VA loan, if you completed payments your old VA loan or your prior VA loan was ‘paid in full’ AND you no longer own the property. In either of these […]
Can I Buy A Rental Property With A VA Mortgage? As the video says – NO. Buying rental property may be a great financial strategy but VA mortgages aren’t intended for this purpose. The VA loan program started after World War II to help eligible veterans secure homes and that is still the primary aim. […]
Once a builder or contractor has declared a project “substantially complete” it’s given a pre-final inspection. As this video outlines, the punch list – called a “snag list” in some other English-speaking countries – is the remaining set of tasks. Tasks might include repairs to damaged windows or wall cracks, or final installation fixes like […]
The Prime Rate Lending – sometimes just called “Prime” – is the interest amount that banks charge each other for overnight loans. Some consumer rates – like ARMs – are set in relation to it. In the US, the percentage is affected by the Federal Reserve lending percentage amount to banks; historically, Prime is about […]
This short video explains these broad categories. Production: build many homes from a limited set of home plans with limited options for customization. Custom: one-of-a-kind build homes or highly customized models usually with direct client involvement. Selecting one or the other depends on how much design input you want to have when you want to […]
Home Equity is the value you own in property specifically your house. It’s the difference between what’s OWED and what the property is WORTH in the current market. In the example this video shows – you have a house worth $300,000 today and you owe the bank $200,000. Your equity would be $100,000. If the […]
The Home Loan Process – Get Started To kick off the home loan process Call a mortgage advisor at (404) 238-7888 or Apply Online 1) Prepare Your Documentation Your W-2 from the past two years Your past three months of paystubs Tax returns from the past two years Your Checking & Savings Account statements […]
Mortgage rates change constantly through an unpredictable combination of government policies and economic conditions. This video explains the common term mortgage rate lock. A “Mortgage Lock Amount” is a guarantee that a lender will honor a specific combination of interest percent and points for a given period of time. A lock protects a buyer from […]
A 2013 national survey showed that 88% of new-home buyers involve a real estate agent to help them through the home-buying process. So most buyers- and most builders have decided it’s the best way to go, as this video shows. New-home project salespeople are an excellent resource to understand their project. But your agent’s job […]
FHA Loans vs Conventional Loans For the majority of house hunters out there you will end up choosing between an FHA home loan or a Conventional home loan. Since this is most likely one of the biggest decisions you will make financially, we will go through a recent loan experience so that you can make […]
Major VA Loans Now that we are seeing an upswing in the VA loan housing market, stats are showing more than ever that active military service personnel and veterans are using their VA Home Loan benefits more than ever before. For 2014, the VA loans showed a significant increase in home loan volume, with […]
Does My Military Discharge Affect VA Loan Eligibility? As you’ll see in this video, discharge conditions can affect a veteran’s eligibility for a VA loan. Veterans separated with a dishonorable discharge may not be not meet VA Loan Eligibility. If your discharge state is “other than honorable” or was changed, modified or corrected you […]
When You Don’t Understand A Home Purchase Contract – Get An Attorney To Review It A Home Purchase is a complex process requiring a lot of helpful expertise. Georgia has specific requirements for who, and what needs to be part of the transactions. These differ from other States, and this is […]
How To Remove Private Mortgage Insurance from Your Mortgage Payments After a few years of accelerated mortgage payments I paid off the private mortgage insurance on my mortgage loan. I realized that I was saving $235 a month in PMI payments. As you may know, private mortgage insurance is applied to most […]
How to get a Qualified Mortgage As this video explains, Federal laws put into effect in 2014 and supervised by the Consumer Financial Protection Bureau define lending practices and loan terms for a new category called “Qualified Mortgages”. Curious about what it takes to qualify for a mortgage loan in 2015? You’ve found the right place. […]
What Are VA Loans? As the video says, the name is misleading – they’re not loans FROM the VA. The VA – short for “US Department of Veterans Affairs” – is the Federal military veteran benefits system. The VA administers benefits and services for Service members, Veterans their dependents and survivors. Programs related to home […]
Is Your Debt To Income Ratio Mortgage Loan Ready? A DTI ratio is a personal finance measure that compares the amount you owe versus your overall income. mortgage lenders, use this debt to income ratio in order to measure your ability to manage the payments you make each month and repay […]
USDA Streamline Refinance Without a Credit Score or Appraisal Since the beginning of 2014, mortgage rates have been declining. The median average 30 year fixed rate mortgage has dropped 60 basis points since the start of the year. With USDA mortgage rates dropping below conventional loan rates by as much as a one-quarter […]
Moreira Team finally announces the release of the 550 FICO Mortgage Streamline IRRRLs! It’s new VA Home Loan, has been in development.The VA Streamline Refinance (Interest Rate Reduction Refinance Loan (IRRRL)). The IRRRL allows you to refinance your current mortgage interest rate to a lower rate than you are currently paying. The Streamline loan […]
What are the “Ability to repay” rules about? In a nutshell, as this video shows, new laws require lenders to make a good-faith assessment of a borrower’s capacity to pay back their loan over time. It’s a longer-term view that goes beyond immediate income, debt and credit rating. These new Federal laws- supervised by the CFPB – require […]