Posts with tag 'Mortgage'
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27
How to Decide If a Bridge Loan Fits Your Buying Strategy
Timing becomes crucial when you want to buy your next home while still owning your current property. Our real estate agents across Tennessee, Kentucky, Arkansas, Alabama, Mississippi, Georgia, and Florida know the ins and outs of coordinating multiple transactions at once. They can help you explore financing options like bridge loans to make your move easier.
Understanding Bridge Loans in Today's Market
A bridge loan is short-term money that helps you buy a new home before you sell your current one. This quick cash lasts six months to a year and uses your existing house as security while you get long-term funding by selling that property.
22
Homebuyer's Guide to Mortgages: Exploring All Your Financing Options
Securing a mortgage is one of the most important steps on the path to purchasing a home, and it can also be one of the most intimidating, especially if you haven't navigated the process previously. Fortunately, a wide range of mortgage options are available to suit buyers' various budgetary and lifestyle needs. These include conventional mortgages, fixed-rate mortgages, adjustable-rate mortgages, and a variety of government-backed loans. Our real estate agents have more details on the most common mortgage options for homebuyers.
30
Getting a Mortgage: The First Step
From the Community Mortgage Blog
Papers..and Statements..and Blood Type..OH MY!
Noooo....we don't need you blood type! Save that for your doctor.
"What do you need from me?" This is the most common questions we get when someone is ready to buy a home.
The Short Answer: It Depends
Are you a W2 or Salary Employee? OR Are you Self Employed?
This answer will give you your answer.
If you are a Salary Employee, we will ask for:
- Pay Stubs- last 30 days
- W2s- last 2 years
- Bank Statements- 60 days
- Retirement Accounts- last quarterly statement
- Photo ID
17
Realtor Tip: Homeowners Association
From the Community Mortgage Blog
Realtors Friends! This is a great little tip that could help your lender and clients out tremendously!
Believe it or not Homeowners Associations and their dues play a large part in the qualifying process for your clients during their mortgage.
*Any regularly occurring payment factors into debts in the debt to income ratios.
*Adding any other entity into the document finding process adds to your clients' timetable.
Realtor: Okay, got it! So what do you need from me??
- HOA Contact Information
- Property Management Contact Information
- Annual Monthly Dues
Watch this quick video to learn more.
22
Homeowners' Insurance
From the Community Mortgage Blog
What are the basic building blocks of a preapproval?
- Credit Score
- Job Status/History
- Debt to Income Ratio
- Current Assets
Debt to Income is one of those components that is ever-changing depending on debts paid off, new credit lines, property tax rates, and....Homeowners' Insurance...YES, you read that correctly.
So why is Homeowner's Insurance counted? It is one of those payments homeowners are required to pay at a c...
Crye-Leike is a full-service real estate company founded in Memphis in 1977. Today it is ranked #4 in the nation and the largest real estate company serving markets in Tennessee, Arkansas, Georgia, Mississippi. Crye-Leike has a network of more than 2,800+ licensed sales associates, 600+ staff members and over 130+ branch and franchise offices located throughout a seven state region of Alabama, Arkansas, Florida, Georgia, Kentucky, Mississippi, and Tennessee. Crye-Leike also has a franchise location in Puerto Rico.
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