Purchasing a home can be the most major financial event in your life. Given that, you want to ensure you are doing everything you can to avoid overpaying for your dream home. It’s not that difficult, but unfortunately you do not have a long time to decide. What is the best price to offer that maximizes your value while, at the same time, makes a fair offer to the seller? If you are working with a local Real ...Continue Reading →
What does the New Year of 2018 have in store for the housing market?? Consider the following few things:
1. Both home prices & values are expected to rise moderately. The Atlanta Metro area homes, in particular, are expected to have an increase of around 5%. Rental rates, finally, will not rise near as ...Continue Reading →
Faster closing times, stronger purchasing power, and greater loan flexibility are just a few of the ways getting pre-approved puts you at an advantage prior to ever even looking at a home. Often times when home buyers decide they’re ready to buy, the first person they contact is a Realtor. However, not only does speaking with a Lender prior to looking at houses give you and your Realtor a better idea of what you can actually afford, you also put yourself ahead of ...Continue Reading →
Being proactive in the home buying process can be the difference between your offer on a home being accepted or declined. By contacting a loan officer prior to looking for a home, you’ve not only educated yourself on what you can afford, but you’ve positioned yourself to make a stronger offer on a house. We’ve mentioned before the various types of approvals. And we’ve discussed how becoming aContinue Reading →
Have you already been pre-approved for a mortgage? If I were, you, I’d call for a “second opinion.”
If you have already been pre-approved or pre-qualified for a mortgage on your next home, are you absolutely sure you are getting the best deal?
I’m not talking about interest rate either.
I’m talking about the structure of the deal itself. Donald Trump, in his book called “The Art of the Deal,” ...Continue Reading →
Now that you have created your list of amenities you want in your new home, are you ready to start searching? Well, not quite. You will need to know what price range you can afford. There are two ways to go about this: You can either get pre-qualified, or pre-approved for a mortgage. Whichever you choose, you will need to contact a dependable mortgage company. At Family Mortgage of Georgia, we offer fast, FREE pre-approvals.
You ...Continue Reading →
Once your loan package has been sent to the lender, there are a number of things you should avoid doing that will change your financial picture. Remember, the lender is looking for stability and consistency. If you want the best interest rate, keep that in mind. Here are a few things to consider:
The lender is looking to see what your source of down payment is.
Your lender will most likely ask you to ...
Can I Use All of My Income?
There are very specific guidelines that must be followed in determining what income is allowable in qualifying for a home loan. For example there are a few situations that prevent you from utilizing your income.
The first is if you have been self-employed for less than two years. Generally speaking you must be able to document that your business has been established for at least two years and have ...Continue Reading →
There are two ratios that a lender will be interested in; 1) your housing ratio, also known as your “front end ratio,” and 2) your debt-to-income ratio, also known as your “back end ratio.”
The housing ratio is your gross monthly income (your income before taxes are deducted) divided by your total housing payment. Your total housing payment includes principal, interest, taxes and insurance.
Your debt-to-income ratio is calculated the same as the housing ratio, except all revolving and installment debt is ...Continue Reading →
If you have relatively good credit, today’s automated underwriting systems provide a list of only the documentation that is necessary to satisfy the lender. The way it works is that once the lender has your application and has pulled your credit, the file is uploaded to one of three locations, Fannie Mae, Freddie Mac or possibly directly to one of hundreds of lenders. “Fannie and Freddie” are quasi governmental agencies that set the guidelines that dictate whether a ...Continue Reading →
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