Some more “DO’s” for the loan process

Important Tips for a Smooth Real Estate Closing

You’ll be reviewing many legal documents that will require your full attention, so make sure your calendar is clear of any other appointments.

•    Review Loan Documents in Advance – We will touch base in advance to prepare you for your loan closing. There should be no surprises at this point, providing we have locked in the interest rate for your loan to coordinate with the timing of your real estate purchase.

At the final closing, you will need to review every legally binding document carefully and make sure there are no typos or errors, and the loan terms are listed as we have discussed. Any typos or errors must be corrected prior to closing. We will go over each document with you, so you have a clear understanding of your financial commitment.

One important document you will be signing is the HUD-1 Settlement Statement. This document lists all the final credits and charges relevant to both you and the seller, based on the terms of your contract. You should receive this at least 24 hours prior to  your closing. Compare this to your Good Faith Estimate to make sure your rate and terms are written as you expected them to be. The lender is bound to honor the Good Faith Estimate for 10 days.

•    Be Prepared for Closing Costs – Prior to closing, you should know exactly what your closing costs are. It’s best to have a cashier’s check ready to pay your closing costs. (An electronic funds transfer could delay the process, depending on what time the transfer posts.) This includes any fees, taxes, charges and your down payment. Again, we will review this with you, so you have a full understanding of your closing costs. Don’t be afraid to ask questions! We’re here to help.

•    Make Sure Your New Home is Ready to Live In – When you do your final walk-through of the property, make sure all repairs have been made that were agreed upon and the home is ready to occupy. Otherwise, your Buying Agent can make additional negotiations with the Selling Agent to resolve any outstanding issues. Your final walk-through should be done before the final real estate closing documents are signed. Allow for at least 30 minutes to do your final walk-through.

 

More tips coming your way tomorrow…….

Helpful Tips During Loan Process

As part of our continuing service to you, we’d like to offer some tips that may be helpful when you’re looking to purchase a new home or refinance your home loan.
Above all else, pay your bills and start saving.

It’s critically important to pay your bills on time. There’s no single element that dramatically affects the success of an application as much as your credit history. Another thing, of course, is savings. You should have a disciplined savings pattern, since that’s the kind of behavior that’s going to make you a successful homeowner.

Everybody comes into the real estate market with a different perspective and level of experience.  Some general rules apply to pretty much anybody when it comes to getting the money to buy a home.

 

 

1.  Do Make loan and other debt payments on time, especially over the months leading up to the filing of your mortgage application. It sounds simple, but every 30-, 60- or 90-day delinquency on a loan or credit card will reduce the credit score the lender ends up considering as part of the loan file. That score, in turn, will determine the interest rate you get on your home loan.

2. Don’t make any big purchases over the next couple of months. Besides the obvious fact that it makes less money available for the down payment, it might require you to get yet another loan. A significant debt such as a $15,000 auto loan will look bad to the mortgage lender as they review your credit-worthiness. Plus, this adds to your monthly expenses and may affect your ability to qualify for the mortgage loan you want.

 

Look for the next Do and Don’t tip tomorrow……

A Quick Safety Check !

 

From time to time , a quick safety check is always a great idea. Listed below are a few items that can be checked quickly.

Do you have adequate smoke detectors in your home? Every home should have at least one working smoke alarm. It is best to install approved smoke alarms on every level of the home, outside sleeping areas and inside bedrooms. Test your fire alarms every month and replace the batteries once a year.

How good are your electrics?Never overload electrical circuits or extension cords. Don’t place cords or wires under rugs, over nails or in high traffic areas. If any of your electric cables worn or taped up, they should be replaced immediately. Shut off and unplug any appliances that sputter, spark or emit an unusual smell.

Is your stovetop clear of flammable objects?
Keep wires, cloths and oven gloves away from the stovetop. Also, don’t let grease or other remains build up – they can go up in flames!

Is your toaster clean and away from curtains?
Clean your toaster periodically and make sure it’s positioned well away from any curtains or flammable materials. Also, it’s best to unplug appliances when not in use.

Has your chimney been swept?
If you have a fireplace, you should have your chimney inspected and cleaned at least once a year. Give yourself enough time to make any necessary repairs before the cold weather sets in.

If you have an electric blanket, is it damaged?
Fraying, scorch marks, dampness and loose connections are all dangerous. If your blanket shows any signs of damage, replace it. Don’t leave your electric blanket switched on all night unless it has thermostatic controls for safe all-night use. And, when you store it, avoid folding.

Do you have several easy-to-use fire extinguishers in your home?
It’s a good idea to have several, and make sure that all family members know where they are located and how to properly use them.

Do you have an escape plan?
Practice an escape plan with your family. Stay low to the floor when escaping from fire and never open doors that are hot. Have a set location where everyone can meet after escaping the house. Get out safely first, and then call for help.

A quick word about controlling debt !

Your debts will limit what you can do with your money. In particular, watch our for:

    1. Credit cards: If you use your credit cards as a loan, you could be paying very high interest rates. This quickly becomes a financial burden. If you only make the minimum monthly payment required, you eventually end up owing much more. Try to pay off the credit cards with the highest interest rates first. And, don’t be afraid to call your credit card company and simply ask for a lower rate!

 

  1. Interest free loans: These loans look tempting when you don’t have cash to spare. But, they can turn around and bite you after the “interest-free” period expires. You may have to pay interest backdated to the day you purchased. Check the terms of interest free offers very carefully

 

Shopping and Food!!

A big THANK YOU to everyone that makes this possible.  My team and I just wanted to wish you a Happy Thanksgiving.

For those that plan on shopping , hope you get all the deals you set out for.  Mobile applications are a great way to get an idea of the deals that are waiting.  One mobile app out of the many, Flipp, is great for combining all adds in one place.  Check out the app and see if you like it.

Now, time to prepare that turkey!!!

 

 

 

Remodeling ??

Kitchen remodels historically provide a significant return on investment, but you shouldn’t lose sight of functionality as you create your new design. Make sure your kitchen works for you by answering the following questions before you invest in the project:

•    Are you gourmet? If you spend a lot of time in your kitchen preparing gourmet meals, plan for plenty of counter and storage space, as well as extra electrical outlets.

•    Is defrosting your style? If you don’t have the time or inclination to cook elaborate meals on a regular basis, you’ll need plenty of pantry space to store the packaged foods needed to whip up quick meals. You need less surface area, but you’ll definitely want enough space for a microwave oven.

•    Is your family still at home? Family and friends are more apt to congregate around open kitchens. And, they’re more likely to help if the kitchen has a counter separation from the dining area. If your kids have moved out, you may need less space for socializing.

•    How big will it be? If your new kitchen will be much larger, you may want to include an eating space. If so, use a counter to separate the dining area from the kitchen so you still have an open, inviting atmosphere, along with separate work and eating areas.

Don’t fall prey to a designer’s vision that doesn’t match your own. You have to live with your new kitchen, so make sure it’s exactly what you want.
If you seek financing for a remodel or a new home purchase, or you know someone who does, please allow me to put my expertise to work for you. Call today to set up a consultation so we can discuss the possibilities.

‘Tis the Season for a Thankful Heart

As Thanksgiving approaches next week, I want to take time to say how thankful I am for the honor to serve each of you every day. I love working with my team, agents, and all of our clients and referrals. I could not imagine ever doing anything else. So as you spend time with your family this coming week, please know that each of you mean the world to me and I consider you a part of my family. Happiest of holidays!

Loan Questions???

One of the first questions that comes up when making the decision to purchase or refinance a home is, “What type of loan program should I get?” Here’s a tip on choosing between an adjustable or fixed rate mortgage.

Adjustable vs. Fixed Rate Mortgages:
Which Loan Program is Right for You?

An Adjustable Rate Mortgage (ARM) is a loan that starts out with a low introductory rate, but the interest rate will change over time. To give a quick example, a 30-year 3/1 ARM has a set interest rate for the first three years. After that, the interest rate adjusts annually for the next 27 years.

Conversely, a 30-year Fixed Rate Mortgage has the same predictable interest rate throughout the entire life of the loan. This offers the security of knowing exactly what your monthly mortgage payment will be, from start to finish.

Hope this little bit of info helps. Please give me a call as it would be an honor to assist you with this opportunity.