Home Funding Corp - Alwin Simanjuntak

𝐃𝐨𝐞𝐬 𝐲𝐨𝐮𝐫 𝐜𝐫𝐞𝐝𝐢𝐭 𝐬𝐜𝐨𝐫𝐞 𝐚𝐟𝐟𝐞𝐜𝐭 𝐦𝐨𝐫𝐭𝐠𝐚𝐠𝐞 𝐚𝐩𝐩𝐫𝐨𝐯𝐚𝐥?

There are several factors that lenders look at that affect your ability to get a mortgage. Your credit score being an important one.

Here’s a breakdown of credit scores and how likely you would be to get approved for a mortgage for each.

🔸𝟕𝟒𝟎–𝟖𝟓𝟎: 𝑬𝒙𝒄𝒆𝒍𝒍𝒆𝒏𝒕 𝒄𝒓𝒆𝒅𝒊𝒕 – 𝑒𝑎𝑠𝑦 𝑐𝑟𝑒𝑑𝑖𝑡 𝑎𝑝𝑝𝑟𝑜𝑣𝑎𝑙𝑠 𝑎𝑛𝑑 𝑡ℎ𝑒 𝑏𝑒𝑠𝑡 𝑖𝑛𝑡𝑒𝑟𝑒𝑠𝑡 𝑟𝑎𝑡𝑒𝑠.
🔸𝟔𝟕𝟎–𝟕𝟒𝟎: 𝑮𝒐𝒐𝒅 𝒄𝒓𝒆𝒅𝒊𝒕 – 𝑡𝑦𝑝𝑖𝑐𝑎𝑙𝑙𝑦 𝑎𝑝𝑝𝑟𝑜𝑣𝑒𝑑 𝑎𝑛𝑑 𝑜𝑓𝑓𝑒𝑟𝑒𝑑 𝑔𝑜𝑜𝑑 𝑖𝑛𝑡𝑒𝑟𝑒𝑠𝑡 𝑟𝑎𝑡𝑒𝑠.
🔸𝟔𝟐𝟎–𝟔𝟕𝟎: 𝑨𝒄𝒄𝒆𝒑𝒕𝒂𝒃𝒍𝒆 𝒄𝒓𝒆𝒅𝒊𝒕 – 𝑡𝑦𝑝𝑖𝑐𝑎𝑙𝑙𝑦 𝑎𝑝𝑝𝑟𝑜𝑣𝑒𝑑 𝑎𝑡 ℎ𝑖𝑔ℎ𝑒𝑟 𝑖𝑛𝑡𝑒𝑟𝑒𝑠𝑡 𝑟𝑎𝑡𝑒𝑠.
🔸𝟓𝟖𝟎–𝟔𝟐𝟎: 𝑺𝒖𝒃𝒑𝒓𝒊𝒎𝒆 𝒄𝒓𝒆𝒅𝒊𝒕 – 𝐼𝑡’𝑠 𝑝𝑜𝑠𝑠𝑖𝑏𝑙𝑒 𝑡𝑜 𝑔𝑒𝑡 𝑎 𝑚𝑜𝑟𝑡𝑔𝑎𝑔𝑒, 𝑏𝑢𝑡 𝑛𝑜𝑡 𝑔𝑢𝑎𝑟𝑎𝑛𝑡𝑒𝑒𝑑. 𝑇𝑒𝑟𝑚𝑠 𝑤𝑖𝑙𝑙 𝑝𝑟𝑜𝑏𝑎𝑏𝑙𝑦 𝑏𝑒 𝑢𝑛𝑓𝑎𝑣𝑜𝑟𝑎𝑏𝑙𝑒.
🔸𝟑𝟎𝟎–𝟓𝟖𝟎: 𝑷𝒐𝒐𝒓 𝒄𝒓𝒆𝒅𝒊𝒕 – 𝑙𝑖𝑡𝑡𝑙𝑒 𝑡𝑜 𝑛𝑜 𝑐ℎ𝑎𝑛𝑐𝑒 𝑜𝑓 𝑔𝑒𝑡𝑡𝑖𝑛𝑔 𝑎 𝑚𝑜𝑟𝑡𝑔𝑎𝑔𝑒, 𝑦𝑜𝑢 𝑤𝑖𝑙𝑙 ℎ𝑎𝑣𝑒 𝑡𝑜 𝑡𝑎𝑘𝑒 𝑠𝑡𝑒𝑝𝑠 𝑡𝑜 𝑖𝑚𝑝𝑟𝑜𝑣𝑒 𝑦𝑜𝑢𝑟 𝑐𝑟𝑒𝑑𝑖𝑡 𝑠𝑐𝑜𝑟𝑒 𝑏𝑒𝑓𝑜𝑟𝑒 𝑏𝑒𝑖𝑛𝑔 𝑎𝑝𝑝𝑟𝑜𝑣𝑒𝑑.

There are always case-by-case scenarios, so don’t let your credit score discourage you from buying a home. Work with your mortgage broker (Me😊) on a realistic game plan to ensure you’re making the best choice for your unique situation.

Welcome to the Q & A extravaganza! 🎉 Today’s burning question: ‘𝐀𝐦 𝐈 𝐟𝐢𝐧𝐚𝐧𝐜𝐢𝐚𝐥𝐥𝐲 𝐜𝐚𝐩𝐚𝐛𝐥𝐞 𝐨𝐟 𝐚𝐟𝐟𝐨𝐫𝐝𝐢𝐧𝐠 𝐚 𝐡𝐨𝐦𝐞?’ 🤔 Let me help break it down:

1. 𝑩𝒖𝒅𝒈𝒆𝒕 𝑩𝒐𝒏𝒂𝒏𝒛𝒂: Assess your income, expenses, and savings to ensure you’re financially ready for the home-buying adventure! 📊💸
2. 𝑪𝒓𝒆𝒅𝒊𝒕 𝑪𝒓𝒂𝒛𝒆: Keep an eye on that credit score – higher numbers can unlock better mortgage terms and interest rates! 🔓📈
3. 𝑫𝒐𝒘𝒏 𝑷𝒂𝒚𝒎𝒆𝒏𝒕 𝑫𝒆𝒍𝒊𝒈𝒉𝒕: Save up for a solid down payment, making homeownership more attainable and affordable! 🏡💰
4. 𝑫𝒆𝒃𝒕 𝑫𝒂𝒛𝒛𝒍𝒆: Aim for a healthy debt-to-income ratio to demonstrate you can handle mortgage payments with ease. 🌟📉

Remember, knowledge is power – and you’ve got this! 💪

𝐃𝐨 𝐋𝐞𝐧𝐝𝐞𝐫𝐬 𝐑𝐞𝐪𝐮𝐢𝐫𝐞 𝐚 𝐇𝐨𝐦𝐞 𝐈𝐧𝐬𝐩𝐞𝐜𝐭𝐢𝐨𝐧 𝐟𝐨𝐫 𝐌𝐨𝐫𝐭𝐠𝐚𝐠𝐞 𝐀𝐩𝐩𝐫𝐨𝐯𝐚𝐥?

Securing home financing can feel overwhelming. Lenders ask for a lot of information not only about you, but the property too. It’s their job to make sure the collateral is worth what you’re paying so they don’t get in over their heads if you default.

One question that comes up often is whether lenders require a home inspection.

The short answer is ‘they don’t.’ Here’s why.

𝑾𝒉𝒚 𝑳𝒆𝒏𝒅𝒆𝒓𝒔 𝑫𝒐𝒏’𝒕 𝑹𝒆𝒒𝒖𝒊𝒓𝒆 𝒂 𝑯𝒐𝒎𝒆 𝑰𝒏𝒔𝒑𝒆𝒄𝒕𝒊𝒐𝒏

Lenders usually don’t require a home inspection because the home appraisal tells them what they need to know. The appraisal tells the lender a home’s market value. In other words, if they had to take possession of the home and sell it because you stopped making your payments, would they make enough money?

That’s what lenders care about.

This, however, doesn’t mean you shouldn’t get an inspection.

𝑹𝒆𝒂𝒔𝒐𝒏𝒔 𝒚𝒐𝒖 𝑺𝒉𝒐𝒖𝒍𝒅 𝑪𝒐𝒏𝒔𝒊𝒅𝒆𝒓 𝒂 𝑯𝒐𝒎𝒆 𝑰𝒏𝒔𝒑𝒆𝒄𝒕𝒊𝒐𝒏

You might think since lenders don’t require a home inspection that you should skip it. Don’t!!!

Yes, it’s another expense, but $300 – $500 is a lot better than losing hundreds of thousands of dollars if you find out AFTER you buy the home that it has major issues.

𝑯𝒆𝒓𝒆 𝒂𝒓𝒆 𝒔𝒐𝒎𝒆 𝒌𝒆𝒚 𝒓𝒆𝒂𝒔𝒐𝒏𝒔 𝒕𝒐 𝒄𝒐𝒏𝒔𝒊𝒅𝒆𝒓 𝒂 𝒉𝒐𝒎𝒆 𝒊𝒏𝒔𝒑𝒆𝒄𝒕𝒊𝒐𝒏.

> Get a good perspective on the home’s condition – An appraisal looks at the ‘big stuff’ but doesn’t get down to the nitty-gritty. An inspector will tell you what’s wrong with the home and what its effects could be.

> Learn about mold problems early – Mold can be detrimental to your home and your health. If it’s hidden, it won’t get exposed until you own the home and its growth causes issues. An inspector, however, will catch it right away and advise you on how to proceed.

> Know everything that’s wrong with the home – Sometimes we don’t want to hear the negatives but knowing a home’s roof only has a couple of years or the electrical is out of code is something you’d likely want to know before buying a home.
A home inspection isn’t meant to turn you away from a home. It’s meant to empower your decision. What if there are issues you don’t want to deal with, such as mold growth or an electrical problem?

The lengthy inspection report you get can seem overwhelming, but it will come in handy not only to help in your purchase decision but also if/when you own the home. You can refer back to the report, seeing what was wrong when you bought it to give you insight into what maintenance or repairs the home may need sooner rather than later.

𝑭𝒊𝒏𝒂𝒍 𝑻𝒉𝒐𝒖𝒈𝒉𝒕𝒔

Most lenders (me included) strongly recommend a home inspection. Consider it an investment rather than an expense. You’re investing in the financial future of owning the home. If it’s a bad financial decision, you’ll know right away and you’ll only be out $300 – $500 instead of hundreds of thousands of dollars.

𝐓𝐡𝐞 𝐁𝐞𝐬𝐭 𝐂𝐮𝐫𝐫𝐞𝐧𝐭 𝐇𝐨𝐦𝐞 𝐋𝐨𝐚𝐧 𝐓𝐲𝐩𝐞𝐬

Most people need financing to buy a home. Even with a large down payment, you’ll need a loan to make up the rest. Fortunately, you have many options. Mortgage guidelines have loosened up in recent years making it easier for most people to secure a loan.

Here are the top current home loan types for buyers:

𝐂𝐨𝐧𝐯𝐞𝐧𝐭𝐢𝐨𝐧𝐚𝐥 𝐋𝐨𝐚𝐧𝐬

Conventional loans are the ‘typical loan’ most people think of when talking about a mortgage. Contrary to what most people think, though, you don’t need a 20% down payment. Conventional loans require just 3% down for first-time homebuyers and 5% down for subsequent homebuyers.

You do, however, need decent credit. Conventional lenders typically require a credit score of 660+ to secure financing. In exchange for your good credit, you’ll get low rates and fees, and you can cancel any Private Mortgage Insurance once you owe less than 80% of the home’s value.

𝐅𝐇𝐀 𝐋𝐨𝐚𝐧𝐬

FHA loans are government-backed loans. Most people equate them with first-time homebuyers, but they are a great program for any borrower who doesn’t qualify for a conventional loan. FHA loans require just a 580 credit score and a 3.5% down payment. You can have a debt-to-income ratio of as high as 50%, and can even have recent negative credit events and still qualify.

The tradeoff for FHA loans is you’ll pay mortgage insurance for the life of the loan, unlike conventional loans, you can’t cancel the insurance once you owe less than 80% of the value.

𝐕𝐀 𝐋𝐨𝐚𝐧𝐬

VA loans are government-backed loans for military members. If you served at least 181 days during peacetime and had an honorable discharge, you may be eligible. The VA loan has the most flexible guidelines and doesn’t even require a down payment, they provide 100% financing.

VA borrowers need a 620+ credit score and can have a debt-to-income ratio as high as 50%. The VA is also lenient about any recent negative credit events.

VA loans don’t charge mortgage insurance, but there is an upfront funding fee that all veterans pay.

𝐔𝐒𝐃𝐀 𝐋𝐨𝐚𝐧𝐬

If you’re a low to a moderate-income family with good credit but you can’t qualify for any other loan program, the USDA loan may be a good option. You’ll need at least a 640 credit score and your total household income must be less than 115% of the average income for the area.

You must also prove you don’t qualify for any other loan program and that you’ll live in a USDA-designated rural area.

𝐁𝐨𝐭𝐭𝐨𝐦 𝐋𝐢𝐧𝐞

Choose the mortgage loan that is right for you. A mortgage can last for 15 to 30 years, so look at your options carefully. Whether you have a 20% down payment or 3%, as long as you have decent credit and stable income, there are loan programs available for you.

Your mortgage is one of the most important pieces of the puzzle when you’re thinking about homeownership. Evaluate your options early and get as many quotes as possible to get the most affordable loan for your needs.

What happens if you waive mortgage contingency?

Waiving your mortgage contingency means that you agree to forfeit your earnest money deposit if you fall short of the terms in your sales contract.

A contingency waiver may make sense if you want your offer to appear more attractive to the seller.

Don’t let your fears hold you back from what you want. Tackle them one bite at a time until you reach your goal. If that’s buying a home, then outline each baby step that will get you one inch closer to what you’re after.

Just remember to keep breathing and keep moving forward.

𝐂𝐡𝐨𝐨𝐬𝐢𝐧𝐠 𝐭𝐡𝐞 𝐑𝐢𝐠𝐡𝐭 𝐌𝐨𝐫𝐭𝐠𝐚𝐠𝐞: 𝐅𝐢𝐱𝐞𝐝 𝐯𝐬. 𝐀𝐝𝐣𝐮𝐬𝐭𝐚𝐛𝐥𝐞 𝐑𝐚𝐭𝐞

Ah, the age-old question: to fix or not to fix? When it comes to mortgages, that is. Choosing between a fixed and adjustable rate can be like deciding between a lifetime supply of free pizza or tacos (not an easy feat, I know).

✅ On one hand, fixed-rate mortgages offer stability and predictability, like a loyal dog that always greets you at the door.

✅ On the other hand, adjustable-rate mortgages can be more flexible and adaptable, like a cat that can fit into any box or bag (seriously, how do they do that?).

𝑺𝒐, 𝒘𝒉𝒊𝒄𝒉 𝒐𝒏𝒆 𝒊𝒔 𝒓𝒊𝒈𝒉𝒕 𝒇𝒐𝒓 𝒚𝒐𝒖?

Well, it all depends on your individual needs and budget. Do you prefer the security of a consistent monthly payment, or are you willing to take a bit more risk for potential savings?

Either way, just make sure you read the fine print and do your research, because there’s nothing worse than realizing you’re stuck with a mortgage that’s more like a bad blind date.

𝐖𝐡𝐚𝐭 𝐈𝐬 𝐚 𝐑𝐞𝐯𝐞𝐫𝐬𝐞 𝐌𝐨𝐫𝐭𝐠𝐚𝐠𝐞?

A reverse mortgage is a loan designed for homeowners over the age of 62 to convert a portion of their home equity into cash.

🗝 Mortgage loan, usually secured by a residential property
🗝 This loan typically does not require monthly mortgage payments
🗝 Allows elders to access the home equity they have built up in their homes

This type of loan is perfect for people who want to complete their retirement funds.
Stop working, start living!

If you want to fly, give up everything that weighs you down. And remember….Stop doubting yourself, work hard, make it happen!

Oh, Amortization. Such a big word for such a simple concept. It’s like the Superman of the financial world, able to leap tall buildings in a single calculation.

So, what is it, you ask? Well, it’s just a fancy way of saying you’re paying off a loan over time, like chipping away at a giant block of debt with a tiny hammer.

The catch is, you have to pay a little bit more each month than just the interest, because nobody likes being in debt forever (except maybe those guys on Shark Tank).

The good news is, over time, you’ll start to see that debt block shrink and shrink, until one day, you’ll be debt-free and doing a happy dance like nobody’s watching. So, don’t let the big word scare you off. Embrace amortization like a long-lost friend, and soon enough, you’ll be the master of your financial destiny.

𝐁𝐞𝐟𝐨𝐫𝐞 𝐘𝐨𝐮 𝐒𝐢𝐠𝐧 𝐭𝐡𝐞 𝐃𝐨𝐭𝐭𝐞𝐝 𝐋𝐢𝐧𝐞

Deciding to commit to a home loan is a monumental financial decision, one that requires careful consideration and due diligence. Here are some tips to ensure you’re adequately prepared before you sign the dotted line:

🗝 𝑼𝒏𝒅𝒆𝒓𝒔𝒕𝒂𝒏𝒅 𝒀𝒐𝒖𝒓 𝑩𝒖𝒅𝒈𝒆𝒕: It’s essential to have a clear understanding of your monthly income, expenses, and your overall financial health. Your monthly mortgage payment should comfortably fit within your budget without jeopardizing your ability to meet other financial obligations.

🗝 𝑪𝒉𝒆𝒄𝒌 𝒀𝒐𝒖𝒓 𝑪𝒓𝒆𝒅𝒊𝒕 𝑺𝒄𝒐𝒓𝒆: Your credit score will significantly influence the interest rate on your loan. Before applying for a mortgage, check your credit report for any errors and take steps to improve your score, if needed.

🗝 𝑮𝒆𝒕 𝑷𝒓𝒆-𝑨𝒑𝒑𝒓𝒐𝒗𝒆𝒅: A pre-approval gives you a realistic idea of how much you can borrow and demonstrates to sellers that you’re a serious buyer. However, remember that pre-approval isn’t a guarantee of final approval.

🗝 𝑪𝒐𝒏𝒔𝒊𝒅𝒆𝒓 𝒕𝒉𝒆 𝑨𝒅𝒅𝒊𝒕𝒊𝒐𝒏𝒂𝒍 𝑪𝒐𝒔𝒕𝒔: The mortgage isn’t the only cost involved in home ownership. Remember to factor in property taxes, insurance, HOA fees, and maintenance costs when determining your budget.

🗝 𝑼𝒏𝒅𝒆𝒓𝒔𝒕𝒂𝒏𝒅 𝒕𝒉𝒆 𝑳𝒐𝒂𝒏 𝑻𝒆𝒓𝒎𝒔: Fully understand the terms of the loan, including the type of loan, the interest rate, whether the rate is fixed or adjustable, the term of the loan, and whether there are any penalties for early payment.

🗝𝑬𝒎𝒆𝒓𝒈𝒆𝒏𝒄𝒚 𝑺𝒂𝒗𝒊𝒏𝒈𝒔: It’s crucial to maintain an emergency fund. Unexpected expenses or changes in your financial situation can arise, and having a safety net can ensure you can still meet your mortgage payments.

Before you sign the dotted line and commit to a home loan, make sure you are thoroughly prepared and understand the long-term implications. Buying a home is not only a lifestyle decision but also a significant financial commitment that requires strategic planning and careful thought.

𝐐: 𝐈𝐬 𝐦𝐲 𝐜𝐫𝐞𝐝𝐢𝐭 𝐠𝐨𝐨𝐝 𝐞𝐧𝐨𝐮𝐠𝐡 𝐭𝐨 𝐛𝐮𝐲 𝐚 𝐡𝐨𝐦𝐞?

𝐀: A higher credit score usually means a smoother loan approval, and a much lower interest rate and monthly payment.

Also, conventional loans typically require a minimum 620 credit score, but if you qualify for an FHA loan, you only need a minimum 500 credit score and as little as 3.5% down payment.

𝐓 𝐨𝐫 𝐅 | 𝐓𝐡𝐞 𝐚𝐯𝐞𝐫𝐚𝐠𝐞 𝐬𝐢𝐳𝐞 𝐨𝐟 𝐚 𝐧𝐞𝐰 𝐬𝐢𝐧𝐠𝐥𝐞-𝐟𝐚𝐦𝐢𝐥𝐲 𝐡𝐨𝐦𝐞 𝐢𝐧 𝐭𝐡𝐞 𝐔.𝐒…

Yes, It’s True! The average size of a new single-family home in the U.S has nearly doubled in the past 50 years, from 1,660 square feet in 1970 to 3,000 square feet in 2022

Our homes may be getting bigger, but it’s important to remember that size doesn’t always matter – it’s what you do with the space that counts!

If you want to experience significant progress toward your goal, you need to be intentional about the work you’re doing every day…. And remember, fight for your dreams and your dreams will fight for you!

𝟓 𝐁𝐚𝐝 𝐂𝐫𝐞𝐝𝐢𝐭 𝐇𝐚𝐛𝐢𝐭𝐬 𝐘𝐨𝐮 𝐍𝐞𝐞𝐝 𝐭𝐨 𝐊𝐢𝐜𝐤 𝐭𝐨 𝐭𝐡𝐞 𝐂𝐮𝐫𝐛

Listen up folks, it’s time to get real about your credit game. Want to make those homeownership dreams a reality? Then ditch those bad credit habits faster than a hot potato!

Here’s what not to do if you want to impress those pesky lenders:

✔️ Splurging like it’s going out of style
✔️ Forgetting payments like they’re yesterday’s news
✔️ Carrying credit card balances bigger than your ego
✔️ Mindlessly opening and closing credit like a revolving door
✔️ Ignoring your credit reports like it’s a bad breakup

Don’t let a silly mistake stand between you and your dream home. So, buckle up and get your credit in check, or you might just find yourself saying ‘bye-bye’ to that perfect home sweet home!”

𝟑 𝐒𝐢𝐦𝐩𝐥𝐞 𝐖𝐚𝐲𝐬 𝐭𝐨 𝐁𝐨𝐨𝐬𝐭 𝐘𝐨𝐮𝐫 𝐂𝐫𝐞𝐝𝐢𝐭 𝐒𝐜𝐨𝐫𝐞

Life’s a game and your credit score 💳 is the high score we all want to beat! Ready to power-up your score? Let’s dive into the credit-boosting cheat sheet!

🔸𝑪𝒓𝒆𝒅𝒊𝒕 𝑪𝒂𝒓𝒅 𝑳𝒊𝒎𝒃𝒐!
How low can you go? Aim to keep your credit card balances under 30% of your total limit. It’s like the ‘less is more’ of credit scores! 📉✨”

🔸𝑩𝒊𝒍𝒍 𝑷𝒂𝒚𝒎𝒆𝒏𝒕 𝑫𝒂𝒏𝒄𝒆-𝒐𝒇𝒇!
Treat bill payments like a dance-off! You’ve gotta be on time, every time. A smooth move for your credit score, right?

🔸𝑶𝒍𝒅 𝒊𝒔 𝑮𝒐𝒍𝒅!
Got old debt you’ve paid off? Don’t shy away from it. Showing you can handle debt over time can sparkle up your credit score!

And remember, boosting your credit score is not a sprint, it’s a marathon! 🏃‍♂️💨 Every small step can lead to big leaps for your financial future! 💪🌟

𝐌𝐚𝐤𝐞 𝐭𝐨𝐝𝐚𝐲 𝐬𝐨 𝐚𝐰𝐞𝐬𝐨𝐦𝐞 𝐲𝐞𝐬𝐭𝐞𝐫𝐝𝐚𝐲 𝐠𝐞𝐭𝐬 𝐣𝐞𝐚𝐥𝐨𝐮𝐬

Start every day with a new hope. Leave bad memories behind and have faith for a better tomorrow! Oh, and don’t forget to make today so awesome yesterday gets jealous. 😉

𝐓𝐢𝐩𝐬 𝐟𝐨𝐫 𝐚 𝐒𝐦𝐨𝐨𝐭𝐡 𝐚𝐧𝐝 𝐓𝐢𝐦𝐞𝐥𝐲 𝐂𝐥𝐨𝐬𝐢𝐧𝐠 𝐏𝐫𝐨𝐜𝐞𝐬𝐬

Get your confetti cannons ready, because we’re talking about the grand finale of the home buying process – the closing! 🏡📝 But oh boy, it can feel more like running a marathon with hurdles, right? 😅 Worry not! I’m here to share some dynamite tips for a smooth and timely closing that will have you popping that ‘new homeowner’ champagne in no time! 🍾
Here are some helpful tips to ensure a successful and timely closing:

✔️𝑮𝒆𝒕 𝑷𝒓𝒆-𝑨𝒑𝒑𝒓𝒐𝒗𝒆𝒅:
Obtain mortgage pre-approval before house hunting to help expedite the loan processing stage.

✔️𝑺𝒕𝒂𝒚 𝑶𝒓𝒈𝒂𝒏𝒊𝒛𝒆𝒅:
Keep all important documents and records readily available. Promptly provide any additional information requested by your lender.

✔️𝑪𝒐𝒎𝒎𝒖𝒏𝒊𝒄𝒂𝒕𝒆:
Maintain open lines of communication with your real estate agent, lender, and closing agent. This will help address any issues that may arise during the process.

✔️𝑩𝒆 𝑷𝒓𝒐𝒂𝒄𝒕𝒊𝒗𝒆:
Schedule inspections, appraisals, and walk-throughs as soon as possible to avoid potential delays.

✔️𝑹𝒆𝒂𝒅 𝒂𝒏𝒅 𝑼𝒏𝒅𝒆𝒓𝒔𝒕𝒂𝒏𝒅 𝒕𝒉𝒆 𝑪𝒐𝒏𝒕𝒓𝒂𝒄𝒕:
Make sure you understand the terms and conditions of your purchase contract, including deadlines and contingencies.

Now go out there, ace that closing process, and get ready to turn your new keys of your dream home!

𝐅𝐢𝐧𝐚𝐧𝐜𝐢𝐧𝐠 𝐘𝐨𝐮𝐫 𝐇𝐨𝐦𝐞 𝐏𝐮𝐫𝐜𝐡𝐚𝐬𝐞

You’re getting ready to purchase your first home, and you want to make sure you get the best deal possible. With so many options out there, it can be a bit overwhelming at first. But don’t worry! With a little research and my guidance, you’ll be on your way to finding the perfect loan for your needs.

🔸 𝐹𝑖𝑟𝑠𝑡, 𝑦𝑜𝑢’𝑙𝑙 𝑤𝑎𝑛𝑡 𝑡𝑜 𝑑𝑒𝑐𝑖𝑑𝑒 𝑜𝑛 𝑎 𝑙𝑜𝑎𝑛 𝑡𝑦𝑝𝑒
Do you want to go with a traditional mortgage loan or a government-backed loan such as an FHA loan or VA loan? Each one has its own set of benefits and drawbacks, so you’ll want to weigh the pros and cons to decide which one is best for you.

🔸 𝑁𝑒𝑥𝑡, 𝑦𝑜𝑢’𝑙𝑙 𝑤𝑎𝑛𝑡 𝑡𝑜 𝑐𝑜𝑚𝑝𝑎𝑟𝑒 𝑖𝑛𝑡𝑒𝑟𝑒𝑠𝑡 𝑟𝑎𝑡𝑒𝑠
Shop around and compare rates from different lenders to see who offers the best deal. Don’t forget to factor in other costs such as points and origination fees that may be associated with the loan

🔸𝐹𝑖𝑛𝑎𝑙𝑙𝑦, you’ll want to consider other financing options such as grants or down payment assistance programs. These can be great resources for first-time home buyers who need a little extra help.

So don’t be intimidated when it comes to financing your first home. With a little research and the right information, you can find the perfect loan for your needs. Good luck, and happy house hunting!

TODAY is not Just Another Day. It is a new opportunity, another chance, a new beginning... EMBRACE IT!

𝐇𝐚𝐩𝐩𝐲 𝐍𝐚𝐭𝐢𝐨𝐧𝐚𝐥 𝐒’𝐦𝐨𝐫𝐞𝐬 𝐃𝐚𝐲!

🔥🍫🏡 Happy , folks! Much like the perfect s’more, finding your dream home requires the right ingredients – a dash of dreamy location, a sprinkle of sweet design, and a hearty slab of financial planning.

Luckily, my mouthwatering mortgage options are here to keep the homebuying process as gooey and delightful as a perfectly toasted marshmallow.

Let’s toast to your dream home together!

𝐂𝐥𝐨𝐬𝐢𝐧𝐠 𝐨𝐧 𝐚 𝐇𝐨𝐮𝐬𝐞 – 𝐇𝐨𝐰 𝐋𝐨𝐧𝐠 𝐃𝐨𝐞𝐬 𝐢𝐭 𝐓𝐚𝐤𝐞?

Buying a house is exciting, but it can feel like it takes forever to get from the offer to the closing table.

On average, it takes 30 – 45 days to get to the closing table, and that’s in a perfect situation. Sometimes you may close faster or slower, but keep 30 – 45 days in mind when signing a sales contract.


𝐓𝐡𝐞 𝐏𝐫𝐨𝐜𝐞𝐬𝐬 𝐭𝐨 𝐂𝐥𝐨𝐬𝐞 𝐨𝐧 𝐚 𝐇𝐨𝐮𝐬𝐞

The house closing process is complex. Not only must you find the house you want to buy, but you must sort out your financing. Here’s a quick rundown of the typical timeline.


𝐆𝐞𝐭 𝐏𝐫𝐞-𝐀𝐩𝐩𝐫𝐨𝐯𝐞𝐝

Start the process by getting pre-approved with a lender. This tells you how much you can afford, on what terms and the conditions you must satisfy.

A pre-approval letter also gets your foot in more doors with sellers. Most sellers only want to work with pre-approved buyers.

𝐅𝐢𝐧𝐝 𝐚 𝐇𝐨𝐦𝐞

Once pre-approved, you can look at homes. Pre-approvals usually last 30 – 60 days, so it works best if you can find a home within that time.

You’ll sign a sales contract when you find a home and negotiate the price and terms. The sales contract starts the clock, which is why getting pre-approved is essential. After that, you’ll have a majority of your personal underwriting completed.


𝐒𝐮𝐛𝐦𝐢𝐭 𝐲𝐨𝐮𝐫 𝐂𝐨𝐧𝐭𝐫𝐚𝐜𝐭 𝐚𝐧𝐝 𝐎𝐫𝐝𝐞𝐫 𝐭𝐡𝐞 𝐓𝐢𝐭𝐥𝐞 𝐚𝐧𝐝 𝐀𝐩𝐩𝐫𝐚𝐢𝐬𝐚𝐥

After signing a contract, you’ll submit your sales contract to the underwriter, and they’ll order a title search and appraisal on the property.

In the meantime, you’ll provide any missing documentation or updates the lender needs to finish underwriting your qualifying factors.


𝐆𝐞𝐭 𝐭𝐡𝐞 𝐂𝐥𝐞𝐚𝐫 𝐭𝐨 𝐂𝐥𝐨𝐬𝐞

Your goal in underwriting is to get the clear to close. This happens after the appraisal, title search, and your qualifying factors pass the underwriter’s requirements. Then, with the clear to close, you’re ready to head to the closing table.


𝐑𝐞𝐜𝐞𝐢𝐯𝐞 𝐲𝐨𝐮𝐫 𝐂𝐥𝐨𝐬𝐢𝐧𝐠 𝐃𝐢𝐬𝐜𝐥𝐨𝐬𝐮𝐫𝐞

Lenders must send you the Closing Disclosure before the closing. By law, they must send it at least three business days before you close. This allows you time to review your loan terms, costs, and interest rate to ensure everything looks how the lender initially promised.

If everything looks good, you get your cashier’s check or bank wire to close the loan and get ready to become a homeowner.


𝐂𝐥𝐨𝐬𝐢𝐧𝐠 𝐭𝐡𝐞 𝐋𝐨𝐚𝐧

The last step is to close the loan. You’ll attend the closing with your attorney, loan officer, possibly the sellers, and a closing agent. You’ll sign documents and disclosures, exchange funds, and receive the keys to your new home.

𝐅𝐢𝐧𝐚𝐥 𝐓𝐡𝐨𝐮𝐠𝐡𝐭𝐬

Typically it takes 30 to 45 days to close on a house, but there can be delays. The key to avoiding them is to get pre-approved for your loan and satisfy any conditions the underwriter needs. Once you find a house, the only conditions you’ll have to focus on are those about the house, many of which are outside your control.

🧐🤔 Can a lender deny a loan after closing?

✔️ Sure! It’s possible. Let me explain: Many lenders use third-party “loan audit” companies to validate your income, debt, and assets again before you sign closing papers. If they discover major changes to your credit, income, or cash to close, your loan could be denied.

Don’t waste time and energy on the people working to bring you down or standing in your way to achieving success. Instead, channel that energy towards your goals and watch the results materialize.

Set your boundaries and maintain them.

𝐇𝐨𝐰 𝐭𝐨 𝐂𝐚𝐥𝐜𝐮𝐥𝐚𝐭𝐞 𝐲𝐨𝐮𝐫 𝐃𝐞𝐛𝐭-𝐭𝐨-𝐈𝐧𝐜𝐨𝐦𝐞 𝐑𝐚𝐭𝐢𝐨

If you’re in the market to buy a house, your mortgage lender will look at a couple of main factors to determine if you qualify. Most people know they check your credit score and credit history, but they aren’t aware of the debt-to-income ratio and how it works.

𝐖𝐡𝐚𝐭 𝐢𝐬 𝐚 𝐃𝐞𝐛𝐭-𝐭𝐨-𝐈𝐧𝐜𝐨𝐦𝐞 𝐑𝐚𝐭𝐢𝐨?

Your DTI is a comparison of your monthly debts to your gross monthly income (income before taxes). The higher the percentage is, the higher your risk of default becomes. Lenders like borrowers with a DTI of 43% or less. This leaves plenty of money for living expenses and savings, reducing the risk of default.

𝐖𝐡𝐚𝐭’𝐬 𝐈𝐧𝐜𝐥𝐮𝐝𝐞𝐝 𝐢𝐧 𝐲𝐨𝐮𝐫 𝐃𝐞𝐛𝐭-𝐭𝐨-𝐈𝐧𝐜𝐨𝐦𝐞 𝐑𝐚𝐭𝐢𝐨?

The only information you need to calculate your DTI is your total debts and total income.

𝐃𝐞𝐛𝐭𝐬 𝐭𝐨 𝐈𝐧𝐜𝐥𝐮𝐝𝐞 𝐢𝐧 𝐲𝐨𝐮𝐫 𝐃𝐓𝐈

The debts you include are those on your credit report. A few examples include:

• Car payments
• Minimum credit card payments
• Personal loan payments
• Student loans

The DTI also includes the new mortgage you’re applying for which includes the principal, interest, real estate taxes, and homeowner’s insurance. It also includes any HOA dues and mortgage insurance, if applicable.

𝐈𝐧𝐜𝐨𝐦𝐞 𝐭𝐨 𝐈𝐧𝐜𝐥𝐮𝐝𝐞 𝐢𝐧 𝐲𝐨𝐮𝐫 𝐃𝐓𝐈

You can include any income the lender will use for qualifying purposes. Obviously, this includes your full-time income. But if you have any other sources of income that have a two-year history and will continue for the foreseeable future, you may include them too.

Common examples include alimony or child support you receive or side gigs you run with income you can prove.

𝐂𝐚𝐥𝐜𝐮𝐥𝐚𝐭𝐢𝐧𝐠 𝐲𝐨𝐮𝐫 𝐃𝐓𝐈

With these two totals, you can calculate your own debt-to-income ratio using this calculation:

Total debts/Total income = Debt-to-income ratio

𝑯𝒆𝒓𝒆’𝒔 𝒂𝒏 𝒆𝒙𝒂𝒎𝒑𝒍𝒆.

Jan makes $7,000 a month before taxes. Her debts include the following:

• Minimum credit card payments $150
• Car payment $300
• Student loan payment $250
• New mortgage payment $1,750

Jan’s debt-to-income ratio is:

$2,450/$7,000 = 35%

𝐇𝐨𝐰 𝐭𝐨 𝐋𝐨𝐰𝐞𝐫 𝐲𝐨𝐮𝐫 𝐃𝐞𝐛𝐭-𝐭𝐨-𝐈𝐧𝐜𝐨𝐦𝐞 𝐑𝐚𝐭𝐢𝐨

If your debt-to-income ratio is higher than a lender might like, here are a few ways to lower it:

• Pay your credit cards down or off – If you have credit card debt, try to pay it off. If you can’t, at least pay them down so your minimum payment drops, and you lower your DTI.
• Pay down other debts – If you have other consumer debts you can pay down to have less than 6 payments, lenders may exclude them from your DTI
• Increase your income – If your income is too low, take on a part-time job or start a side gig.

You’ll need to show receipt of income for a while, so the sooner you start it the better.

𝐅𝐢𝐧𝐚𝐥 𝐓𝐡𝐨𝐮𝐠𝐡𝐭𝐬

Your debt-to-income ratio is just as important as your credit score. Take the time to figure out your DTI and where you stand before thinking about buying a house. You can prepare both your credit score and debt ratio early on to increase your chances of loan approval.

𝐇𝐨𝐰 𝐭𝐨 𝐈𝐧𝐜𝐫𝐞𝐚𝐬𝐞 𝐲𝐨𝐮𝐫 𝐝𝐨𝐰𝐧 𝐩𝐚𝐲𝐦𝐞𝐧𝐭 | 𝐇𝐚𝐜𝐤 #𝟏

🏡💰 Dust off your piggy banks and prepare for a magic carpet ride to homeownership! I am unlocking the vault to one epic secret that’ll turbo-boost your down payment faster than you can say “dream home”

🔸 Garage Sale Extravaganza: You know all that stuff in your attic, basement, or garage that you haven’t touched in years? Yeah, those could be potential goldmines! It’s time to channel your inner Marie Kondo and say goodbye to items that no longer “spark joy.” Host a killer garage sale or sell items online on platforms like eBay, Facebook Marketplace, or Craigslist. Not only will your house feel refreshingly decluttered, but your wallet will feel delightfully heavier too!

💙🏡 ‘Love where you live’ isn’t just a cute phrase, it’s my ! 🎉 Find your happy place with a helping hand from our magical mortgage options. Let’s turn your home sweet home into home suite loan! 🎈🔑

𝐃𝐢𝐝 𝐲𝐨𝐮 𝐤𝐧𝐨𝐰 𝐭𝐡𝐚𝐭 𝐦𝐨𝐫𝐭𝐠𝐚𝐠𝐞 𝐥𝐨𝐚𝐧𝐬 𝐢𝐧 𝐭𝐡𝐞 𝐔.𝐒 𝐚𝐫𝐞 𝐭𝐲𝐩𝐢𝐜𝐚𝐥𝐥𝐲 𝐨𝐟𝐟𝐞𝐫𝐞𝐝 𝐰𝐢𝐭𝐡 𝐚 𝐟𝐢𝐱𝐞𝐝 𝐢𝐧𝐭𝐞𝐫𝐞𝐬𝐭 𝐫𝐚𝐭𝐞?

This means the borrower’s monthly payments will stay the same throughout the loan term. Alternatively, some mortgage loans may have an adjustable interest rate, which means that the borrower’s monthly payments may vary over time.