If you’re looking to secure a loan that will help you purchase the home of your dreams, it’s important to have an ethical, qualified and dependable mortgage lender on your side—protecting your best interests and helping you get the loan that's right for you. Your lender should be a trusted partner who understands the array of loans offered, and can match them to your needs, wants and desires.
So how do you go about selecting a mortgage lender? You can always start with costs. Look for lenders who offer the best interest rates, and ask to see a list of applicable fees and closing costs upfront to compare prices. If a prospective lender refuses to quote interest rates or service costs, move to a different lender. It’s important to find a lender that gives you direct answers. If a lender quotes numbers that seem way too good to be true, then make sure you investigate his or her services. There may be hidden fees and some unethical practice taking place.
You should also look for lenders who are accredited to show that they are properly trained in the field. Search for a broker who’s certified by the National Association of Mortgage Brokers. Always ask for references and call those references to find out how satisfied they were with the service and ultimately their loan. Agents typically have good referrals for mortgage lenders, so don’t forget to consult your real estate agent.
Also, check to see if the real estate company you are using to buy or sell your home offers mortgage services. A one-stop-shop will make the home-buying and selling process less stressful.
Don’t know too much about the loan process? No problem. A good mortgage lender will help you learn the ins and outs of a mortgage, no matter how long it takes. They’ll explain all the terms and jargon and will calculate the numbers for you as many times as you need to understand them. Don’t be afraid to say “I don’t understand.” You can use this process as a learning experience.
A good lender should always be available. Applying for a loan can be a complicated process, so you want someone who is around when you need help. In addition, mortgage lenders should not leave you guessing. They should give you a good faith estimate early in the process, so you aren’t surprised when it comes time to close.
Finally, your personalities must mesh. If they don’t, it will be very difficult to work together. Mortgage lenders are assisting you with a very important financial decision, so you need someone you can trust, who fits with your personality and with whom you have a good rapport. Knowing you’re in trusting hands will allow you to relax during the process – not agonize over it.
For more information that can assist you with finding the perfect mortgage lender, contact us today.
Showing posts with label Financing. Show all posts
Showing posts with label Financing. Show all posts
Thursday, October 22, 2009
Wednesday, May 20, 2009
Tax Credit Ineligible for Down Payment
Bruno Capogreco a lender with Bank of America home loans here in Central Ohio just sent us an interesting article about the $8000 tax credit and the ever changing financing rules:
From the Arizona Republic
May 19, 2009
by J. Craig Anderson
Feds reverse rules to assist first-time home buyers
Federal officials on Monday reversed an earlier decision to allow first-time home buyers to use an $8,000 tax credit to borrow the down payment on a home.
A week earlier, U.S. Department of Housing and Urban Development Secretary Shaun Donovan had told the National Association of Home Builders that HUD would let banks and local governments offer short-term "bridge loans" to cover the down payment for first-time buyers eligible for the tax credit. The loans would have been available to applicants for federally insured mortgages such as Federal Housing Administration loans.
Lenders, home builders and real- estate agents had reacted favorably to the bridge-loan proposal, saying it would open up the housing market to more first-time buyers
However, not everyone was in favor of using the tax credit as collateral on a down-payment loan.
"That tax credit should be savings, not debt," said Patricia Garcia-Duarte, executive director of Neighborhood Housing Services in Phoenix.
Garcia-Duarte said the proposal too closely resembled a now-illegal practice known as seller-funded down-payment assistance, which allowed a home's seller to "gift" the down payment to a specific buyer through a non-profit organization.
Phoenix loan originator Dean Wegner was among the housing-industry professionals who had expressed enthusiasm about the bridge-loan plan.
Wegner said the program would have boosted local home sales, but he added that the bridge loans likely would have come with a high interest rate.
The loans also could have created income-tax issues, according to the IRS officials who shot down HUD's plan.
Still, Wegner remains optimistic that the government will seek other means to circumvent the FHA's required 3.5 percent down payment.
"They will probably come out with a zero-down FHA loan starting January 1, once the $8,000 goes away," he said.
Reach the reporter at 602-444-8681 or craig.anderson@arizonarepublic.com.
Here is the link to the full article
http://www.azcentral.com/arizonarepublic/business/articles/2009/05/18/20090518biz-downpayment0519.html
If you have any financing questions, please contact
Bruno Capogreco
Home Loan Consultant
Bank of America, Home Loans
614-781-3434 x221
Bruno_Capogreco@bankofamerica.com
Contact us to learn more about real estate financing & news!
Dana M. Garrett - 937-645-6545 - Dana.Garrett@RealLiving.com
Nanie Ingram – 937-645-6542 – Nanie.Ingram@RealLiving.com
From the Arizona Republic
May 19, 2009
by J. Craig Anderson
Feds reverse rules to assist first-time home buyers
Federal officials on Monday reversed an earlier decision to allow first-time home buyers to use an $8,000 tax credit to borrow the down payment on a home.
A week earlier, U.S. Department of Housing and Urban Development Secretary Shaun Donovan had told the National Association of Home Builders that HUD would let banks and local governments offer short-term "bridge loans" to cover the down payment for first-time buyers eligible for the tax credit. The loans would have been available to applicants for federally insured mortgages such as Federal Housing Administration loans.
Lenders, home builders and real- estate agents had reacted favorably to the bridge-loan proposal, saying it would open up the housing market to more first-time buyers
However, not everyone was in favor of using the tax credit as collateral on a down-payment loan.
"That tax credit should be savings, not debt," said Patricia Garcia-Duarte, executive director of Neighborhood Housing Services in Phoenix.
Garcia-Duarte said the proposal too closely resembled a now-illegal practice known as seller-funded down-payment assistance, which allowed a home's seller to "gift" the down payment to a specific buyer through a non-profit organization.
Phoenix loan originator Dean Wegner was among the housing-industry professionals who had expressed enthusiasm about the bridge-loan plan.
Wegner said the program would have boosted local home sales, but he added that the bridge loans likely would have come with a high interest rate.
The loans also could have created income-tax issues, according to the IRS officials who shot down HUD's plan.
Still, Wegner remains optimistic that the government will seek other means to circumvent the FHA's required 3.5 percent down payment.
"They will probably come out with a zero-down FHA loan starting January 1, once the $8,000 goes away," he said.
Reach the reporter at 602-444-8681 or craig.anderson@arizonarepublic.com.
Here is the link to the full article
http://www.azcentral.com/arizonarepublic/business/articles/2009/05/18/20090518biz-downpayment0519.html
If you have any financing questions, please contact
Bruno Capogreco
Home Loan Consultant
Bank of America, Home Loans
614-781-3434 x221
Bruno_Capogreco@bankofamerica.com
Contact us to learn more about real estate financing & news!
Dana M. Garrett - 937-645-6545 - Dana.Garrett@RealLiving.com
Nanie Ingram – 937-645-6542 – Nanie.Ingram@RealLiving.com
Thursday, March 19, 2009
Use your first time home buyer tax credit for your down payment or closing costs!
Ohio Housing Finance Agency Mortgage Revenue Bond Program
Homebuyer Tax Credit Advantage Program
Effective Date: March 30, 2009
The Homebuyer Tax Credit Advantage Program offers a second mortgage to borrowers who obtain a first mortgage through the OHFA First-Time Homebuyer Program. In order to encourage first-time homebuyers to enter the market in 2009, the program will allow OHFA first-time homebuyers to leverage the benefit of the federal first-time homebuyer tax credit for down payment and/or closing costs. The American Recovery and Reinvestment Act of 2009 amended and extended the first-time homebuyer credit to include purchases closing between January 1 through November 30, 2009. For qualified first-time homebuyers who purchase a home in 2009, the maximum credit is $8,000 and can be claimed on a buyer's 2008 or 2009 federal tax return.
-The loan may be up to three percent of the purchase price. No cash back may be issued to the borrower.
- Principle and interest payments are deferred until July 1, 2010 after which, loans will amortize over 15 years at an interest rate 1% above the first mortgage rate.
-The OHFA application fee will be $300 and can be paid by the buyer, seller or financed in the loan.
-There is an incentive for early repayment of the loan. If the loan is paid in full prior to July 1, 2010, OHFA will forgive $300 of principal.
-Lenders may charge a special processing fee of $75.
-All loans must be recorded as second mortgages using OHFA note and mortgage documents.
-Borrowers must have a minimum 600 credit score.
-Borrowers must complete homebuyer education through a HUD approved counseling agency or through OHFA's streamlined program.
Bruno Capogreco
Home Loan ConsultantCountrywide Bank, FSB
614-306-3980
Bruno_Capogreco@countrywide.com
Contact us to learn more about buying a home with no money down!
Dana M. Garrett - 937-645-6545 - Dana.Garrett@RealLiving.com
Nanie Ingram – 937-645-6542 – Nanie.Ingram@RealLiving.com
Homebuyer Tax Credit Advantage Program
Effective Date: March 30, 2009
The Homebuyer Tax Credit Advantage Program offers a second mortgage to borrowers who obtain a first mortgage through the OHFA First-Time Homebuyer Program. In order to encourage first-time homebuyers to enter the market in 2009, the program will allow OHFA first-time homebuyers to leverage the benefit of the federal first-time homebuyer tax credit for down payment and/or closing costs. The American Recovery and Reinvestment Act of 2009 amended and extended the first-time homebuyer credit to include purchases closing between January 1 through November 30, 2009. For qualified first-time homebuyers who purchase a home in 2009, the maximum credit is $8,000 and can be claimed on a buyer's 2008 or 2009 federal tax return.
-The loan may be up to three percent of the purchase price. No cash back may be issued to the borrower.
- Principle and interest payments are deferred until July 1, 2010 after which, loans will amortize over 15 years at an interest rate 1% above the first mortgage rate.
-The OHFA application fee will be $300 and can be paid by the buyer, seller or financed in the loan.
-There is an incentive for early repayment of the loan. If the loan is paid in full prior to July 1, 2010, OHFA will forgive $300 of principal.
-Lenders may charge a special processing fee of $75.
-All loans must be recorded as second mortgages using OHFA note and mortgage documents.
-Borrowers must have a minimum 600 credit score.
-Borrowers must complete homebuyer education through a HUD approved counseling agency or through OHFA's streamlined program.
Bruno Capogreco
Home Loan ConsultantCountrywide Bank, FSB
614-306-3980
Bruno_Capogreco@countrywide.com
Contact us to learn more about buying a home with no money down!
Dana M. Garrett - 937-645-6545 - Dana.Garrett@RealLiving.com
Nanie Ingram – 937-645-6542 – Nanie.Ingram@RealLiving.com
How to purchase a HUD Home
A HUD home is acquired by the US department of Housing and Urban Development (HUD). If a foreclosed home was purchased with a loan insured by the Federal Housing Administration (FHA), the lender files a claim for the balance due on the mortgage. The FHA pays the claim, and then transfers the ownership to HUD, which sells the home.
-You must use a HUD registered real estate broker
-You must be pre-approved for a mortgage
-Owner occupied bidders receive first priority
-HUD offers three types of properties
FHA insurable homes
FHA insurable homes with repair escrow
Homes that are not insurable with and FHA loan
-You do not have to finance a HUD home with FHA financing
-Before making a big, you must provide your HUD registered real estate broker with the appropriate earnest money in the form of a cashiers check or money order
-Your earnest money check should be made payable to the escrow account of your HUD registered real estate broker
Plus if you’re considering buying your first home, 2009 is a great time to buy—and it just got even better! Thanks to the federal government’s stimulus package, first-time buyers are entitled to an $8,000 refundable tax credit (or up to 10% of the purchase price).
Contact us to learn more and get a list of HUD homes!
Dana M. Garrett - 937-645-6545 - Dana.Garrett@RealLiving.com
Nanie Ingram – 937-645-6542 – Nanie.Ingram@RealLiving.com
(information provided by Scott Voelkel Vice President of Strategic Mortgage 614-946-1706)
-You must use a HUD registered real estate broker
-You must be pre-approved for a mortgage
-Owner occupied bidders receive first priority
-HUD offers three types of properties
FHA insurable homes
FHA insurable homes with repair escrow
Homes that are not insurable with and FHA loan
-You do not have to finance a HUD home with FHA financing
-Before making a big, you must provide your HUD registered real estate broker with the appropriate earnest money in the form of a cashiers check or money order
-Your earnest money check should be made payable to the escrow account of your HUD registered real estate broker
Plus if you’re considering buying your first home, 2009 is a great time to buy—and it just got even better! Thanks to the federal government’s stimulus package, first-time buyers are entitled to an $8,000 refundable tax credit (or up to 10% of the purchase price).
Contact us to learn more and get a list of HUD homes!
Dana M. Garrett - 937-645-6545 - Dana.Garrett@RealLiving.com
Nanie Ingram – 937-645-6542 – Nanie.Ingram@RealLiving.com
(information provided by Scott Voelkel Vice President of Strategic Mortgage 614-946-1706)
Subscribe to:
Posts (Atom)
