Marlando Mortgage

Contrary to popular belief, a National Association of Realtors survey revealed that a down payment of less than 20% is more common among home buyers than previously thought.

Wishing you a day filled with love and togetherness: Happy Family Day!

Understanding mortgage terminology is important when making big decisions about your home! Ready to renew your home or refinance with a new lender? I am here to help!

When searching for a mortgage broker, it's important to find someone who possesses certain qualities that can make the process of getting a mortgage as smooth and stress-free as possible. 🙌🏼

⭕Knowledge and expertise in the industry.
⭕Reliability & communication is key.
⭕Another important trait is trustworthiness.

❤️Happy Valentine's Day!

First-time homebuyers, don't let the 20% down payment myth stop you! Take advantage of low down payment options and flexible lenders. Keep your budget in mind and shop around for the best mortgage rates to save thousands. Explore government-backed options for lower credit scores too.

For borrowers with good credit and a medium (10-15 percent) down payment, FHA loans tend to be more expensive than conventional loans. For borrowers with lower credit scores or a smaller down payment, FHA loans can often be the cheapest option.

FHA Loans are regulated and insured by the Federal Housing Administration (FHA), a government agency.

Let’s make 2023 the year you buy your first home! Let me know how I can help. 🏡

Better bargaining power: Having a pre-approval letter shows the seller that you are a serious and qualified buyer, increasing your bargaining power in negotiations.

Faster closing time: A pre-approval letter can speed up the closing process as it shows that you are financially prepared to purchase a home.

Increased credibility: A pre-approval letter from a lender demonstrates financial stability and increases the credibility of your offer, making it more attractive to the seller.

Budgeting: Pre-approval helps you determine your budget and narrow your search to properties that you can afford.

Peace of mind: With pre-approval, you have a clear idea of how much home you can afford, and you can focus on finding your dream home without worrying about finances.

What are your mortgage questions? 🏠
➡️ Is it a good time to buy a home?
➡️ Are mortgage rates expected to drop?
➡️ Thinking about buying but don't know the first step?
➡️ Can a mortgage be transferred to another property?
Ask away in the comments or send me a direct message! I am always happy to help ✅

HOW DOES DIFFERENT DEBT AFFECT YOUR APPROVAL 🤔

Lenders like it when you manage debt well. But not all debt is created equal.

🔹 Federal Debt

This type of debt is an instant no-go. If you owe back taxes or are in arrears, you’ll be asked to clear this debt before a lender will consider your pre-approval.

🔹 Credit Card, Line of Credit Debit

This type of debt, a lender typically looks at the entire balance to calculate the amount you should be paying every month to clear it off, regardless of how much you actually pay down per month.

🔹 Mortgage Debt

A mortgage is a type of installment debt, but usually much larger and therefore paid back over several more years (25 years is standard). Lenders will use your potential monthly payment based on your affordability number (or your actual payment if you already have a mortgage) when calculating your debt service ratios.

🔹 Student Loans

If you have pending or active student payments, lenders calculate a portion of the entire balance into your monthly debt load. For the most part, student loans carry lower interest and more flexible payback schedules, and are less weighted compared to, say, credit card debt.

Want to learn more?
Call or send me a message

Whether you are reviewing your 2023 mortgage or getting a mortgage for the first time, I am here to help!
I'll find you the best deal out there!

Why do you need to get a home inspection?
Here is what an inspector does: 🏠
👉 Checks the structure, roof, and exterior of the property.
👉 Inspects the plumbing, electrical, and HVAC systems in the home.
👉 Examines the interior walls, ceilings, and floors for damage.
👉 Looks for signs of pests and other infestations.
👉 Checks for safety hazards such as exposed wiring.
👉 Takes photos of any issues that need to be addressed.
👉 Makes notes of any repairs that need to be done.
👉 Provides an estimate of the cost of any necessary repairs.
👉 Prepares a written report of the inspection findings.
👉 Gives advice on how to address any issues found during the inspection.
Go through this checklist and see what you need to do to make sure your home is in tip-top shape ✨

MYTH: Waving a home inspection is a good idea to make your offer stand out.
REALITY: A home inspection is crucial in determining the condition of the property and can prevent unexpected costs. Skipping it may put you at a disadvantage.

MYTH: Having debt or student loans automatically disqualifies you from getting a loan.
REALITY: While a high debt-to-income ratio can make you a riskier mortgage candidate, there are programs available that allow for higher ratios. It's important to consider all options and speak with a lender to determine your eligibility.

What Is A Mortgage Commitment Letter? 🤔

A mortgage commitment letter is a formal document from your lender stating that you’re approved for the loan. Lenders issue a mortgage commitment letter after an applicant successfully completes the preapproval process. The letter tells the applicant how large of a mortgage the lender will likely approve, and the applicant can use the letter to show real estate agents and home sellers that they're creditworthy and serious home buyers. In fact, most sellers won’t consider an offer (other than cash) from a buyer who is not preapproved.

When choosing your new home, you have to include your mortgage decisions too!
Get in touch with me so I can help you decide which mortgage would be best for you!

Hey you, did the offer you just put in on your dream home get approved by the seller? Congrats! Now what?

You’ll soon be going through the mortgage closing process and to prepare you, here’s what you can expect:

1. Get pre-approved before you look at homes
This allows the lender to review your credit score, income, assets, and liabilities.

2. Work with a reputable real estate agent
To find your dream home and sign a purchase contract.

3. Open escrow
This is where you put money down in ‘good faith.’ This tells sellers you’re a serious and qualified buyer

4. The lender (Me 😉) orders an appraisal and title work on the property

This information tells the lender if the home is a good risk

1. Clear any outstanding conditions
To get to a ‘clear to close’, you may have to provide any required documentation by the lender

2. Close on your loan
Once you have the ‘clear to close,’ you’re free to close on the loan and take ownership of the home

Happy Martin Luther King Jr. Day!

Think about it….Unless you’re living with your parents rent-free, you’re paying a mortgage – either yours or someone else’s.

Whose mortgage do you want to pay? Yours or your landlord’s? 🤷

Thinking about purchasing your new home? With several loan options on the market, it can be challenging to know where to start.

Call me so we can help you decide! 📲

When choosing your new home, you have to include your mortgage decisions too!
Get in touch with me so I can help you decide which mortgage would be best for you!

As a first-time homebuyer, there are a lot of mistakes you could potentially be making. Contact me today to get started on the right track!

Loan Modification Vs. Refinance:

What Is A Loan Modification? 🧐

A loan modification is a change to the original terms of your mortgage loan. Unlike a refinance, a loan modification doesn’t pay off your current mortgage and replace it with a new one. Instead, it directly changes the conditions of your loan.

It’s also important to know that modification programs may negatively impact your credit score. If you're current on your mortgage, it would be better to review your options and see if you can apply to refinance.

4 tips for getting a home loan

Wishing you and yours a very happy new year to come. Cheers to health, happiness, and prosperity in 2023!

Getting pre approved for a mortgage is a perfect first step. Be sure to stay on track by avoiding these 3 common mistakes.

Your mortgage lender will most likely approve you for the maximum loan amount they feel you can repay. But you may not want to borrow that much, especially if doing so will interfere with other financial goals. So it's important to know how much you want to borrow before you apply for a loan.

Q&A time!!

🎄Wishing you and your family a season of light and laughter!🎁

This graphic will help you look at the whole process at once. 🏠 If you're considering buying – whether it be in the next few months or the next few years, I'd love to help you!