• Free special reports:
Reports like, Ten Simple Steps You Can Take to Ensure Your Home Sells at Top Dollar click for more...

• The loan process... easy as 1 2 3:
The Family Mortgage 8 step purchaes process, 1 - Shop around and do you homework, have good faith estimate click for more...

• Investigating your overall goals:
We take a consultative approach to click for more...

• Importance of Becoming a Certified Homebuyer:
Many real estate agents will want to know that you are eligible to buy the home before they will spend their valuable time showing you homes in the area click for more...

•The 3-Step Mortgage (more home – less payment)
Family Mortgage coined the term as a way to introduce you to the advantages of this unique product. It acts like an adjustable rate mortgage but it’s really a fixed rate mortgage. click for more...

• Rate lock commitment:
When can i lock my rate? Unlike many lenders, Family Mortgage will lock your interest rate as soon as we have click for more...

• Qualifying for a loan - the real facts:
For normal conventional loans (loan sizes from $50,000 - $1,000,000) for borrowers with average to above average credit that can document their income, qualification is generally an automated processclick for more...

• Down payment options:
This section will cover three distinctly different types of loans; conforming, non-conforming and sub-prime. Let’s look at them one at a time. Conforming loans are click for more...

• No closing cost home purchase:
You have probably heard about No Closing Cost Refinances but not No Closing Cost home purchases. That is because very few click for more...

• Loan Programs
It seems that within the mortgage industry, there’s always a great new product just around the corner that benefits the consumer.  The latest of these to surface is the “zero down” mortgage. This mortgage seems to suit two decidedly different types of borrowers click for more...

• Financing considerations when negotiating your contract:
Seller contribution limitations, Who pays for the click for more...

• Buyers Checklist
Use the Buyers Checklist as a convenient way to keep track of all the things you must do to complete the process of buying your home. In addition, we will provide you with all of the information you need to change over your utilities as you go through the loan process with us click for more...

• Working with a real estate agent:
We have a sister company Thompson Evans Realty, when you chose to work with both Family Mortgage andclick for click for more...

• Insurance
Knowing Your Homeowners Insurance Policy Is VERY Important. When was the last time you curled up with your homeowner's insurance policy for a good read? Insurance policies -- like proprietary leases, credit card terms and warranties for major home appliances click for more...

• Do I need to do an inspection
Purchasing a new home is an exciting as well as stressful event in one’s life. Whether it be new construction or a resale, you should always protect your investment by hiring a professional, code certified Home Inspector. How can you be certain you hire a home inspector with these credentials? Easy! click for more...

• Appraisals
A home purchase is the largest, single investment most people will ever make. Whether it's a primary residence, a second vacation home or an investment, the purchase of real property is a complex financial transaction that requires multiple parties to pull it all off click for more...

• The loan Shopping List
a,k,a. 10 Things Other Lenders Don’t Want You to Know! click for more...

 

 

Negotiating with the Seller to repair defects:

Often the buyer opts to perform a property inspection and then will negotiate with the seller on how to handle any repair issues that arise out of this inspection report. Handling this in accordance with lender guidelines saves everyone time by not having to re-executing documents!

We find there are three scenarios that typically arise:

  1. The seller agrees to a certain dollar amount to be credited to you in lieu of repairs. This is allowable as long as it is treated as a contribution towards your closing costs and/or tax and insurance escrows. The total seller contribution towards these items cannot exceed a certain percentage of the purchase price (between 3 – 6%) so it is best to ask your mortgage lender prior to finalizing your amendment.

  2. The seller agrees to certain repairs and you request that checks be written directly to the Vendor of your choosing at closing. This practice is acceptable to the majority of lenders but not to everyone. Please check with your mortgage lender if this is the direction the negotiation is heading and we can provide a quick answer.

  3. Virtually no lender will agree to establish and maintain an escrow for improvements to be completed after closing.  There are a few exceptions so if escrow for improvements is the only option, please let us know and we will work to accommodate the need.  However, loan terms may be affected by a change in investor!


$3000 Homes!

Ads like these in newspapers and magazines, on television and the Internet, and in coupon mailings to your home may sound like the ticket to your dream home or car. They offer the chance to buy a big ticket item at auction - for well below its market value. What deals! Just call the toll-free number for more information.

Is there a catch? You bet!