Maverick's Mortgage Map

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 ...

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 sm...

If you’re eligible for a VA home loan, it is seriously a great option! As I touched on in The Pillars of a Home Mortgage Application , there is no down payment requirement when purchasing a home and, you won’t need mortgage insurance. The only extra charge by the VA is their very reasonable Funding Fee, more on that below. There are also VA only options when you want to refinance your current VA loan, reach out to me if you’d like to know more about those. In order to help subsidize the 25% guarantee the VA gives on all eligible VA home loans, a funding fee is charged. That’s right, the VA actually guarantees 25% of the loan, that way lenders have less risk when working with a VA borrower, and therefore veterans are more easily approved and more veterans are able to own homes. The Funding Fee is a one time payment which you can pay at closing, or instead add to your loan. Depending on how much you decide to put down on a purchase or how much of the home value you want to ref...

Of a home mortgage applicant, the following pillars are all major factors for being qualified, approved, and getting the best deal possible.                                                   Pillar 1     Credit      Some people fear having to talk about their below average credit, others don’t even think about every debt payment being reported to the bureaus and pay every debt on time! Where ever you lie along this spectrum, your credit history is going to affect your home mortgage. Each mortgage product has its own minimum allowable credit score. When your credit is higher, your interest late will be lower, and visa-versa. Need more on credit, click here for a good place to start . Browse my ...

     When considering a new mortgage, it only makes sense that you review the same credit report that the bank/lender will use once you apply. There are three main credit reporting agencies which the majority of home lenders pull credit from when you apply for a mortgage, both when buying and refinancing. FICO® scores based on reports may vary between the three, but your middle score of the three is typically used when qualifying for a mortgage.           The term FICO® scores and Credit Reports are interesting, read on if your curiosity is strong right now, or skip to the next section to continue. FICO (Fair Isaac Corporation) was founded in 1956 by an engineer and mathematician. At this time credit cards were gaining popularity, and the credit limit to offer somebody became increasingly difficult to determine, especially if the one applying was in a different geographical region. Think about this, befor...

As one of the three pillars of your mortgage application, it is essential to know your credit situation if you plan on buying a home. Anybody can benefit from taking a look at their credit report and seeing what can be improved. I'll let you know how you can get a credit score report from the same credit agencies which most home lenders pull credit from. For more information on why getting a credit report from the right company is important, check out my post Which Credit Report is Used when Applying for a Mortgage . It's important to read the details in my line of work, and the details are often where the buried treasure lies. At the very end of a credit report, the Consumer Financial Protection Bureau tells us how anybody can get free credit report each year. It’s one of those, can’t get a free credit report because I don’t know how, because I can’t get a free credit report… Here it is: In text: “Under ...