Gabriel German

Caption: L. Lock. Timing is important when you’re locking in an interest rate, but Movement has options should there be a reason you have to extend that time period. Contact a loan officer near you so they can help you know what to do and when!

Caption: K. 401K. Don’t have enough saved up for a down payment? You might be able to use some of your 401K savings to help out. But just make sure you speak with a Movement Mortgage loan professional before taking action to figure out if this is best for you.

I. Interest. Borrowing money costs money when you’re buying something like a house. Let us help you understand what you can afford! Find a Movement Mortgage loan officer near you today.

H. Homeowners Insurance. This one is pretty straightforward. Homeowners insurance protects you in case something happens to your house. Just be aware that it doesn’t always cover everything and you might need to buy additional coverage (money emoji)

F. FHA loan. Don’t have 20% for a down payment? You may not need it! There are all sorts of loan products out there that give you flexibility with your finances. Contact me if you have questions or if you're ready to get started!

E. Escrow. Wait, where is your money going? Escrow is essentially a third party that holds on to your money until it needs to be paid. It’s a level of protection for the buyer and seller to make sure everyone does what they’re supposed to. Have more questions about the homebuying process? Get in touch with a Movement Mortgage loan officer near you!

D. Down Payment. Did you know you don’t always have to put 20% down? (second line, use 2 money emojis) The down payment is a percentage of the total loan amount that you pay up front. Your parents may have told you you’d need tens of thousands of dollars to buy a house, but that’s not the case in 2019. In some cases you need less than 4% and in others, you can put ZERO MONEY DOWN. Get in touch with a Movement Mortgage loan officer near you to find out more!

C. Closing costs. Besides your down payment, you also need to budget for closing costs when buying a home. Typically, these are about 2-5% of the purchase price. (second line) Get in touch with a Movement Mortgage loan officer near you when you’re ready to get the process started!

B. Buyer’s Agent. Are you avoiding buying a home? Are you worried you won’t have someone in your corner? Well that’s what a buyer’s agent is there for! Follow along each week as we break down the ABCs of mortgage to help you simplify the homebuying process!

A. Amortization. A fancy word for your home loan payment schedule. Follow along with us every Monday as we break down the ABCs of mortgage!

Caption: Z. Zero down. Why do you still believe you have to save up for a 20% down payment? There are so many loan options out there and some even allow for 0% down if you qualify. Call a Movement Mortgage loan officer near you to find out how much you can afford! It could be more than you think.

Caption: Y. Yield Maintenance. If you want to pay off your loan early, go for it. Just be aware that your lender is still going to collect on the interest they were expecting to earn. Contact your Movement Mortgage loan officer to get all your questions answered!

Caption: X____. Heard nightmare stories about mountains of paperwork? Well, yeah, they exist. But Movement’s Easy Sign feature allows you to digitally sign a lot of your docs before you sit down at the closing table. Call your Movement loan officer for details!

Caption: W. Wages. How much money you make each month is a factor in whether or not you’re approved for a home loan. All sources of income: salaried, hourly, commission or cash tips, have to be verified before you’re approved for a home loan. A Movement Mortgage loan officer can answer all of your questions upfront!

Caption: V. Verification of Employment. When you apply for a home loan, verifying your work history is a part of the process. So the companies you list as your employers? They'll get a confirmation phone call from someone working on your home loan.

Caption: U. Upfront Underwriting. When you get a home loan, an underwriter will ask for a lot of financial documents to verify information. At Movement, we do all of that upfront to help prevent delays and get you closed on time.

T. Title Insurance. This is important insurance to protect you and your lender financially in case there are issues with previous titles on the property. This will typically be built in to your closing costs.

S. Sweat Equity. What may seem like small improvements to a house, like painting kitchen cabinets, can actually add up to cold hard cash. Get with a Movement loan officer today to talk about sweat equity and how it could help your bottom line.

R. Recording Fees. This is a fee you pay at closing to register your property purchase with the county where you bought your house. This is extremely important because it could help prevent property disputes down the road.

Q. Qualified Mortgage. This is when a mortgage meets requirements that ensure the loan will be repaid. Your Movement Mortgage loan officer will help you with any questions you have.

P. Property Tax. This cost depends on where you buy your house. Your Movement Mortgage loan officer will outline this in detail when you’ve found the house you want!

O. Origination Fee. This is also known as an application fee, which, you guessed it, is what you pay for your home loan application. More questions? Contact a Movement loan officer near you!