Refinance Debt Consolidation Example

In this second video entry, Scott discusses the advantages of consolidating your debt when you refinance your home.

Until Next Time!

The FMT

1.15.2019

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7 Strategic Moves as You Prepare to Apply for a Mortgage

7 Strategic Moves as You Prepare to Apply for a Mortgage
  1. Rent Before You Buy – It is always a good idea to get a year or so under your belt as a tenant so you can understand some of the challenges that come with homeownership. Put yourself in the shoes of your landlord. Lenders like to see a track record of making housing payments prior to application and to get you used to making a house payment prior to owning.

  2. Check Your Credit Report & Scores – ...

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Four Reasons to Consider Selling This Winter

Four Reasons to Consider Selling This Winter
  1. Buyers are Still out in Force – There is still very strong demand for housing, which means that you do not have to wait for the spring buying season to get ample interest. We are still seeing multiple offers frequently.

  2. Less Sellers – Since most people believe they should wait and told spring to sell, there is less competition.

  3. It is Still a Perfect Time to Move-Up – With rates moving down slightly over the last ...

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Purchase Debt Consolidation Example

 

In our first video blog entry, Scott talks about restructuring your mortgage to help consolidate debt.

Until Next Time!!

The FMT

12.10.2018

 

 

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Top 5 Ways to Position Yourself if You Want to Buy a Home in 2019

Top 5 Ways to Position Yourself if You Want to Buy a Home in 2019

• Get a copy of your credit report through www.MyFico.com. This will give us your true mortgage scores without a hard inquiry on your credit. You can also get a free copy of your report through someone like www.freecreditreport.com but it won’t give you the scores we use. There are 48 different FICO scoring models but only one that mortgage lenders use. No surprise, that this model is more conservative than most.

• Through an educational process, we can assist with ...

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Qualifying for a Mortgage on a Condo

Qualifying for a Mortgage on a Condo

When you apply for a mortgage on a condominium there are a whole host of additional considerations the lender must analyze. I like to think of it as two separate approval processes, the approval of your own personal loan and a secondary approval for the condominium complex itself. They take place at the exact same time but go down to separate paths. Since the approval process for the loan itself is no different than that of ...

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Recasting Your Mortgage

Recasting Your Mortgage

In this market, it is challenging to make a move if you must utilize the equity from the sale of your existing home for the down payment on a new home. Most Sellers will not accept an offer that is contingent on the successful closing of your existing property. But there is simple solution. Assuming you can qualify for both mortgage payments, and you have a 3 – 5% down payment for a conventional loan, you ...

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Credit Repair Companies

Credit Repair Companies

If you have had credit challenges in the past, beware of unscrupulous companies that promise they can solve all your problems. Far too many take advantage of you. They typically will charge you an upfront setup fee and then a monthly charge for as long as you remain a client. Most of them just take the “shotgun” approach and dispute every negative item on your report, every month. The credit reporting agency is then required to ...

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Paying Cash for a Home? Beware of the 90 Day Rule

Paying Cash for a Home? Beware of the 90 Day Rule

With inventory levels low in this competitive housing environment, some people are opting to make cash offers on homes to make their purchase agreement look more attractive to potential sellers. While this may help you get your offer accepted, there is a large pitfall you must understand. The IRS gives you a 90-day window to put a mortgage on a property to gain the benefits associated with this loan being considered “acquisition indebtedness”.

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SO, YOU NEED A MORTGAGE:

SO, YOU NEED A MORTGAGE:

IS YOUR BANK THE BEST PLACE TO GO? – Part 2

Last time, we presented a few things to consider if you are thinking about financing for your new home. Specifically, should you use a local bank or a Mortgage Banker? It may seem like the logical step is to call your bank. They have your banking accounts and since the Bank has your financial information, the process will be easier. Unfortunately, this is rarely the case. ...

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