Maverick's Mortgage Map

You may understand that a down payment is typically required to purchase a home, but it is also important to set expectations for closing costs as well. Closing costs help pay to set up the loan, many of the costs are the same at most institutions, and these costs can be paid for in a few different ways. In a nutshell: It is part of your responsibility as a homebuyer to understand closing costs. Closing costs are what you pay to close on a home purchase, set up your mortgage, and fill your escrow account. You should expect closing costs to be between 2% and 3% of the purchase price. Sometimes a seller can contribute to cover part, or all of these costs, however even less known is that your lender can potentially give you credits towards closing costs for taking a higher interest rate.  Definition The term closing costs can cover a few things, however my definition is: the total upfront costs of a home mortgage. Closing costs in this article are not to be confused w

In a Nutshell: Property in America is a BIG deal. Knowing exactly who owns it, if anyone else has a hold on a piece of it, and who has rights to play on the property, is an equally BIG deal. Here is the peace of mind you are paying for with title insurance: The seller you are buying from is actually the seller. The seller will own the property outright (clear) by the time it is transferred over to you. If someone ever legally put a lien (a right to possession until a debt is paid in full) on the property and the seller didn't tell you about it when you bought it, and the person that placed that lien on the property wants their money at the time when you own the property, the title company will handle it and you can sleep good at night! For all these things, the seller pays for the policy which insures you (owner’s policy), and you pay for the policy which covers the lender (because they have a loan amount interest in the property as well). The policies are paid at closing,

These two loan options go head to head for the home buyers who typically have less than 10-20% for a down payment. Both options offer an affordable path to home ownership, and both exist because they fit different applicant criteria. This is a lot of information and can be overwhelming at first! When you’re ready, I can work through both with you and start a strategy for your personal situation and plans. The Basics: A low down payment minimum is required for each. Mortgage insurance is set up differently but it is required with both (if you’re putting less than 20% down). It is not required that you be a first-time home buyer for either. Each has a minimum credit score requirement which also depends on the lender you work with. Both programs require you to occupy the house you purchase using the loan. Key Differences: Mortgage Insurance: FHA is fixed at one rate, no matter what your credit score is, as long as you qualify. FHA mortgage insurance

Whether you are a first time home buyer or have purchased many homes in your lifetime, the minimum qualifications that lending institutions require are the same. These are typical guidelines, however they may be flexible depending on the situation. Check with myself or your loan officer. All of these qualifications exist so the lender and the borrower can examine if the borrowers are in strong financial standpoint. The banks, government, city, and myself, don't want to put a home owner in a position where they struggle to pay the monthly mortgage payment and are left without money for everything else. Qualifications for buying a home Employment History : The first sign that somebody is ready for the responsibility of a mortgage payment is that they have stable work history for at least the past two years. For the duration of those two years, if you did happen to change jobs, the jobs should be in an alike industry. Note: If you have been going to school, and have just recentl

Acquiring land is going to be your first step in building a home. There are many things which need to be inspected and researched before making an offer on a land, that’s why it is especially important to work with an experienced realtor if it’s your first time buying land. If you're going to be applying for a construction loan later to build on the home, you want to be sure that the land does not exceed 20 acres, and that the parcel does not have an existing home on the lot. If the lot you want does happen to have something like a mobile home on it, you have two options. The first is to remove the home before building. Your second option would be to short-plat the property, leaving the new building site on its own parcel. Give me a call if you have questions about a specific lot. The following information is about lot financing. Depending on when you plan to build will determine if you want to use a land loan or not. If you plan to build immediately after you purchase land,

Refer to this list when you want to understand key words throughout the mortgage process; always reach out to me if you have any questions. To search for a particular term: On mobile Google Chrome, tap the 3 vertical dots in the top right corner, then select “Find in         page”, then search for the term On a PC, simultaneously press the Ctrl and “F” key, then search for the term On a Mac, simultaneously press the Command and “F” key, then search for the term Amortization                 Over the term (30yr, 15yr, etc.) of a mortgage, a portion of the set monthly payment is applied to the principal balance, and a portion pays for interest charges. As the principal balance get smaller after years of payments, a greater portion of the mortgage payment is applied to the balance because the interest charge is calculated based on that now smaller principal amount. Appraisal                 A report which shows the market value of a home. Th