Homeowners

Homeowners

By Brent Ross 15 Mar, 2023
As people age, their housing needs often change. They may want to downsize, move closer to family, or live in a more accessible home. However, for many seniors, the thought of uprooting their lives and moving to a new home can be overwhelming. That’s where a reverse 4 purchase loan comes in. Reverse 4 purchase loans are a unique type of loan that allows seniors to purchase a new home without making monthly mortgage payments*. *The borrower is responsible to keep the property charges like taxes, insurance and HOA fees current, and they must maintain the home and live in it as their primary residence. The loan is paid off when the borrower sells the home, moves out permanently, or passes away. Let’s explore how reverse 4 purchase loans work and some scenarios where they can be beneficial. How Does a Reverse 4 Purchase Loan Work? A reverse 4 purchase loan is a reverse mortgage, many times the FHA HECM loan, and is used to purchase the new home. The borrower must be at least 62 years old and have enough equity coming from the sale of their current home to cover the down payment and closing costs. The borrower will not be required to make any monthly mortgage payments (principal and interest). Instead, interest and mortgage insurance on the loan will accrue and be added to the balance of the loan each month. When the borrower sells the home, moves out permanently, or passes away, the loan is paid off with the proceeds from the sale of the home, or the heirs can bring in funds to pay off the loan. One of the benefits of a reverse 4 purchase loan is that it allows seniors to purchase a new home without depleting their savings. Instead, they can use the equity from the sale of their current home to fund the down payment and closing costs. Scenario 1: Downsizing for Retirement Mary is 70 years old and has lived in her 4-bedroom home for over 30 years. Her husband passed away five years ago, and she is finding it difficult to maintain the large home on her own. She would like to downsize to a smaller, more manageable home but does not want to deplete her savings to purchase a new home. Mary decides to apply for a reverse 4 purchase loan. She has enough net equity in her current home to cover the down payment and closing costs on a new home. She sells her current home and purchases a smaller, one-story home with a reverse 4 purchase loan, and she no longer has to worry about the upkeep and maintenance of a large home. She can live comfortably in her new home without making any monthly mortgage payments*. Scenario 2: Moving Closer to Family John is 75 years old and has lived in his current home for over 40 years. His children and grandchildren live on the other side of the country, and he would like to move closer to them. However, he does not want to sell his current home and lose the memories he has created there. John decides to apply for a reverse 4 purchase loan. He has enough assets to cover the down payment and closing costs on a new home near his family. He purchases a new home with a reverse 4 purchase loan and can live closer to his loved ones without losing his current home, which can be a second home or rental property for him. When he passes away, his family can sell both homes and use the proceeds to divide his estate. Scenario 3: Purchasing a Multi-Family Property David is 65 years old and owns his own home outright. His mother, Susan, is 85 years old and owns her home outright. Susan is finding it difficult to maintain her home on her own and would like to move in with David. However, David’s home is not big enough to accommodate both of them comfortably. David decides to apply for a reverse 4 purchase loan to purchase a fourplex. He uses the equity from the sale of his home to finance the down payment and closing costs on the fourplex. He lives in one unit of the 4-plex and his mother lives in another unit of the fourplex, and the other two units are rented out to generate income. With the rental income from the other units in the 4-plex, and rental income from his mom’s prior home, his mother can live with him in a comfortable home, and they are both able to enjoy the benefits of the rental income. This scenario highlights the flexibility of a reverse 4 purchase loan. Instead of using the loan to purchase a single-family home, it can be used to purchase a multi-family property that can generate income and provide additional benefits to the borrower. Final Thoughts Reverse 4 purchase loans can be a great option for seniors who want to purchase a new home without depleting their savings or making monthly mortgage payments. These loans provide flexibility and allow seniors to live comfortably in a home that meets their needs. If you are considering a reverse 4 purchase loan, it’s important to do your research and work with a reputable lender. At Big Valley Mortgage, we have a team of experienced mortgage professionals who can help guide you through the process and find the best loan option for your unique situation. Whether you want to downsize, move closer to family, or purchase a multi-family property, a reverse 4 purchase loan can be a great option for seniors looking to purchase a new home. Contact us today to learn more about how we can help you achieve your homeownership goals. *Reverse mortgages are loans offered to homeowners who are 62 or older who have equity in their homes. The loan programs allow borrowers to defer payment on the loans until they pass away, sell the home, or move out. Homeowners, however, remain responsible for the payment of taxes, insurance, maintenance, and other items. Nonpayment of these items can lead to a default under the loan terms and ultimate loss of the home. FHA insured reverse mortgages have an up front and ongoing cost; ask your loan officer for details. These materials are not from, nor approved by HUD, FHA, or any governing agency. Licensed by the Dept of Financial Protection and Innovation under the CRMLA. Equal Housing Opportunity.
By Brent Ross 10 Feb, 2023
Hey there! Are you looking to give your home a fresh, modern update but not sure where to start? Well, you’re in luck because I’ve got the scoop on the current home décor trends.  Incorporate Organic Materials Into Your Décor
By Brent Ross 09 Jan, 2023
Home repairs can be expensive, but there are ways to save money while still keeping your home in good condition. Here are a few tips to help you save money on home repairs: Do It Yourself Many home repairs are simple enough that you can do them yourself with a little bit of knowledge and the right tools. For example, you can save money by replacing a faulty light switch or outlet yourself instead of hiring an electrician. The internet is a great resource for learning how to do home repairs, and you can often find step-by-step guides or video tutorials to help you out. Shop Around Don’t just hire the first contractor you come across. Get quotes from multiple contractors to see who can offer the best price. You can also try negotiating with contractors to see if they can lower their price. Use Coupons And Discounts Many home improvement stores offer coupons and discounts on their products and services. Keep an eye out for these deals and take advantage of them when you can. Look for cheaper alternatives: Before you make a purchase, shop around to see if there are cheaper alternatives available. For example, you might be able to find a less expensive brand of paint or a cheaper way to replace your windows. Use Your Skills If you have a particular skill or hobby, you may be able to use it to save money on home repairs. For example, if you’re good at woodworking, you might be able to build your own shelves or repair damaged furniture. Don’t Put Off Home Repairs It can be tempting to put off home repairs, especially if they’re not urgent. However, ignoring a problem can often make it worse and more expensive to fix in the long run. If you take care of problems as soon as you notice them, you’ll save money in the long run. Use energy-efficient products: Replacing old appliances with energy-efficient models can save you money on your energy bills in the long run. Look for products that have the Energy Star label, which means they meet strict energy efficiency guidelines. Use Preventive Maintenance Taking care of your home on a regular basis can help prevent more serious and expensive problems from occurring. For example, replacing the filters in your HVAC system on a regular basis can help prevent it from breaking down. Get A Home Warranty A home warranty is a type of insurance that covers the repair or replacement of certain systems and appliances in your home. It can save you money on costly repairs, especially if you have an older home with systems that are prone to breaking down.  Learn To Compromise Sometimes, you may have to compromise on the quality of materials or the extent of the repair in order to save money. For example, you might decide to patch a hole in your wall instead of replacing the entire wall, or you might choose a cheaper brand of paint. By following these tips, you can save money on home repairs and still keep your home in good condition. Remember to shop around, use coupons and discounts, and take care of problems as soon as you notice them to save the most money.
By Brent Ross 27 Apr, 2022
Lock in Those Mortgage Interest Rates If you’re shopping for a home in today’s competitive market, you’ve likely realized how quickly interest rates have increased over the last few months! Interest rates will affect your monthly mortgage payment, how much you’ll pay over time to your lender for your residence, as well as possibly affect how much you qualify for on a home loan, so ideally, you want them to be as low as possible. Since no one can predict the future, you may want to protect yourself from increasing rates now through our SecureLock Program. What Is SecureLock? The SecureLock Program was established to help potential home buyers and sellers lock in mortgage interest rates at today’s rates for a period of up to 12 months. Our SecureLock essentially means that you’ll be free to look around for a new home without worrying about future increases in mortgage interest rates. In addition, if mortgage interest rates fall before you close on your new home, you’ll be able to take advantage of the new rate with our Float Down features! Our SecureLock give you an extra tool in today’s seller’s market. We’re seeing home values skyrocket, but available housing inventory hasn’t quite caught up to match demand. Thus, buyers who already have their pre-approved mortgage papers in hand are much more likely to have their offer accepted on the home of their dreams. And what’s better, once you’ve been approved for SecureLock, you won’t need to worry about future increases to mortgage interest rates while you’re shopping around. *To qualify for this program, APM must give full credit approval to all borrowers on the loan. There are specific terms for each lock, based on which variation of the SecureLock program is used. Contact us today for full details.
By Brent Ross 08 Mar, 2022
Let’s Dive into Tax Breaks for Homeowners! Looking for tax breaks for homeowners that you can take advantage of? Let’s take a look at options. Buying a home requires a fair chunk of change these days, and even with a significant down payment, you’ll have to budget for monthly mortgage payments, homeowner’s insurance, property tax, and of course, ongoing maintenance to protect your investment. You’ll be happy to hear, then, that there are tax breaks for homeowners specifically designed to help you save a little money following this major purchase. Which payments can you save on? Is homeowner’s insurance tax deductible? What about property tax? How can you benefit from owning a home when it comes to filing your annual income tax returns? These questions and more are answered below. Deduct Your Mortgage Interest Payments You’ll find that the bulk of monthly mortgage payments goes to interest early in the life of the loan, while the percentage that goes toward principal increases over time. The good news is that you can deduct your mortgage interest payments on your Primary Residence from your income taxes. This is a huge boon when you first buy your home and are adjusting to new monthly payments. If you’re looking for a new homeowner tax credit or deduction to add to this, remember that you can also deduct the value of any points you bought to reduce your mortgage interest rate. Deduct Annual Property Tax Bills No matter where you live, you’re going to pay property taxes, so you may naturally be interested to find out whether you have a claim for homeowners’ property tax exemptions. Like mortgage interest, you can deduct property taxes up to a threshold of $10,000 annually (or $5,000 if married and filing separately). There is one caveat here. The $10,000 limit includes your deduction for state and local tax payments. In other words, if you deduct $5,000 in state tax, you can only deduct up to $5,000 in property tax payments. Improving Your Property? There’s a Deduction for That Whether your home is dreadfully outdated, you need a new roof, or it’s simply not your style, you might want to put some money into upgrades and renovations. Is there a homeowners’ tax credit for home improvements? If you take out a home equity loan or home equity line of credit (HELOC) for the specific purpose of improving your property, you can deduct the interest payments on your taxes, so long as the work is considered to be a capital improvement (adding value or extending the usable life of your property). Remote Work Could Save You Money Recent trends have seen many professionals moving into remote work situations. If you’re self-employed or do freelance work, you can deduct the expenses associated with a home office, within limits. Deductions are based on the square footage of your office compared to the square footage of your home. Make the Most of Moving Expenses While there isn’t a specific first-time homeowners’ tax credit aside from the deductions every homeowner enjoys, you might be able to save on the cost of moving to your new home if the move is related to changing jobs. Expenses like transportation, lodgings, and storage fees associated with your move could qualify for a tax deduction if you meet specific requirements, namely that your new workplace is 50 miles further from your home than your previous job was. A primary residence is the biggest asset many adults own, but that doesn’t mean you should spend more than you have to. With tax breaks to help you save, you can make the most of this major investment. As always, it is best to consult a Tax Professional to learn more about these and other possible tax breaks that can help add savings to all the other benefits of owning a home!
By Brent Ross 03 Feb, 2022
Looking to Increase the Value on Your Home? Purchasing a home is a significant milestone in one’s life…AND it is thought of as one of the largest financial investments in your future! While regular mortgage payments pay down the loan balance on the home loan over time, there are additional improvements and adjustments you can make to your property that will rapidly increase the market value of homes and provide a significant return on your investment. So, let’s take a deeper dive into some home improvements that can increase the value of your home and then cover ways you can fund those improvements. How to Increase Equity on Your Home Homeowners should explore simple, low-cost ways to raise the value of their property, especially if they expect to sell soon . If you’ve been considering how to increase the value of your home or wondering which home upgrades increase value, keep on reading! Increase Energy Efficiency Due to greater attention on environmental issues and an awareness that energy efficiency reduces costs on utility bills, today’s homebuyers typically place a larger focus and value on eco-friendly energy-saving amenities. If you’re replacing in-home items, such as your stove or furnace, look for energy-efficient models that can help you save money on your electric and gas bills. There are many contractors out there that are trained on quick and easy improvements that can be made to the structure to increase the energy efficiency. Consider replacing your old thermostat with a smart, Set Back Thermostat that saves you money on energy. Upgrading old leaky windows and seals around doors does more than you would think! Focus on Finished Square Feet The amount of square footage has a significant impact on the value of a home. Realtors regularly will use price per square foot to help clients compare homes with similar styles and upgrades. Larger homes usually attract higher prices, and even if an appraiser doesn’t recognize the full worth of the extra space, many times additional living space can be created by designing decks, outdoor kitchen areas, and finishing out a basement. A buyer will surely notice! The obvious option to really expand your home is to add a room. Square footage is defined by spaces with floor coverings, as well as finished walls and ceilings. This is currently a very popular way to go to improve your home value and make it more functional for your needs. This however, is more expensive and would be more of a long-range plan. Create or Improve High Equity Rooms Kitchens and bathrooms are two spaces in a home that usually impact prospective purchasers the most. They’re also the areas of your home that go out of style the quickest, like appliances, materials, as well as décor. As a result, investing in kitchen and bathroom renovations is a wise decision. Bathroom upgrades and renovations are particularly cost-effective, especially if you’re building a new bathroom or expanding to a larger size. Consider Curb Appeal Enhancing curb appeal is an important step in increasing the marketability of your home. For example, an overall landscape makeover can go a long way. Adding a paver front walkway, as well as stone planters, shrubbery, and mulch, could all help to increase the value of your home. A fresh paint color is also listed as what catches the eye of a prospective buyer first! If you don’t expect to sell right away, a new deck or outdoor kitchen can increase the value of your home while also making it more comfortable and livable. Funding Improvements Updates/upgrades seldom return their entire cost, but they can improve your family’s comfort and possibly help you sell your home faster and for more money. If you don’t have the cash to pay for home upgrades that increase value, there are other alternatives! Do yourself a favor and search the “value of my home”. While you’re now aware of how you might be able to add value to your home, the question will be how to pay for everything? People have utilized everything from getting a gift from a family member to all the different ways to finance it…short term and long term! One thing to remember if you are doing these upgrades to sell your home to buy another property, be aware that any additional borrowing could change your credit scores and or increase your debt ratios! Credit Cards Putting home improvements on a credit card could be a good idea if you can pay off the entire amount in a reasonable timeframe. Just remember, from an Interest rate cost, this is the most expensive alternative unless it can be paid back quickly! Extensive work might be out of reach of your credit card limitations. Home Equity Loans Home equity types of loans can come in a couple of different plans. There are pure 2 nd ’s that might be appropriate. Basically, you are going in and borrowing a portion of the equity built into your current home value. This creates a lump sum amount of money that you can then use for the project(s). Another type is a Home Equity Line of Credit, sometimes referred to as a HELOC. This is something akin to the concept of a Credit Card where the equity can be drawn on, paid back, and then used again…creating an Open-Ended account. It would have limits on the amount accessible based upon the current equity. Both options convert the properties equity into useable capital…without disturbing or changing the 1 st mortgage already in place. Interest rates, fees, monthly payments, and tax advantages are all factors to consider with home equity loans and HELOCs. Cash-Out Refinance Many times, a more economical way to get access to your homes equity is to do a complete new Cash Out Refinance. It gives you the lowest rates and helps spread the monthly cost over a longer period. The cash out can be used for many purposes…home improvements, but also to pay off higher interest rate debts, college tuition, or any number of other investments. It is a good way to turn the passive equity into active purposes! It has been reported that more than half of homeowners who participated in a cash-out refinance used the money they received for home improvements that increased value. Not all of these options are right for every borrower! It is best to chat with a mortgage Loan Officer to investigate each alternative and then decide which is best for you and your family! Big Valley Mortgage has Loan Officers that would be happy to discuss your goals to help you figure it out. Another tool that might help make it easy is our convenient refinance mortgage calculator to give you an idea of what you could be approved for. Either way, we look forward to helping you!
By Brent Ross 27 Dec, 2021
If you’re looking for ways to increase your investment portfolio or earn some passive income, take a look at your home equity . Home equity is often underutilized. It grows as monthly mortgage payments are made or as the market value of your home increases. If you are allowing your equity to sit by idly, you may be making a mistake. Fortunately, it’s quite easy to obtain a cash-out refinance and utilize the proceeds in a way that earns additional income to put towards a new investment or eliminating other debts. What Is a Cash-Out Refinance? A cash-out refinance replaces your existing home loan, possibly at a lower interest rate. Your new loan will have a higher balance than you currently owe on the home, and the difference between the balance owed on the old mortgage and the new, higher balance is the amount you are able to “cash out.” How Does a Cash-Out Refinance Work? Typically, the maximum amount that you can obtain from your cash-out refinance is 80% of the home’s current market value. 20% equity is usually required to be left in the refinanced loan. There are loans that will go higher such as FHA and VA loans. For example, if you have a current mortgage balance of $200,000 and your home’s value is $320,000, then you can obtain a new mortgage for $256,000 (80% of $320,000). The difference of $56,000 is the amount you will receive in cash, less closing costs. Cash-out refinance rates vary, but are currently between 3 and 5% depending on factors such as the borrowers credit, the LTV, the type of the loan, and whether the borrower lives in the property or it is an investment property. Ways to Maximize the Value There are several ways to make the most out of your home’s equity. These include: 1. Cash-Out Refinance to buy an Investment Property One great way to expand your financial portfolio is to buy an investment property. Purchasing a second property can allow you to quickly expand your wealth. In many cases, homeowners will purchase another property and rent it out, then obtain another loan to purchase a third property. This gives the owner a strong portfolio of real estate assets that they are able to rent out, giving them the income needed to repay their loans. Real estate has a strong tendency to increase in value over time, which improves the overall value of a financial portfolio. 2. Pay Off Credit Card Debt Paying off credit card debt with high interest rates increases monthly cash flow, allowing the borrower to enjoy greater financial flexibility and eliminate wasteful interest payments. 3. Complete Home Improvement Projects Utilizing cash-out refinancing money towards home improvement projects can improve the long-term market value of your home. These projects can include landscaping, remodeling of the interior, or upgrading the roof, which are all great ways to protect the value of a home. 4. Add to Existing Investments You can utilize a cash-out refinance to invest in items that also reduce your taxes, such as College 529 Savings Plans or IRAs. 5. Purchase a Second Home If you’re interested in owning a second home to use as a vacation home or to support a family member, a cash-out refinance is a great way to obtain the down payment needed to purchase one. 6. Protect Against Cash Flow Emergencies Having a nest egg available can help in the event of a crisis in which immediate funds are needed.  Want to Learn More? Submit a quote request and we’ll reach out to you to discuss your options!
By Brent Ross 07 Sep, 2021
Selling your home can be a challenging, involved process that leaves you overwhelmed with bitter and sweet emotions. Your home holds a unique and special place in your heart because you have made many memories that will forever stay with you and that home. And letting go of so many memories can be a challenge in of itself. So, to help you navigate through the process and relieve some of the burden, we have created a list of steps you can take to make the home selling process easier. Tips for Selling your Home Do Your Research Determine When to Sell When preparing to sell your home, it is best to first determine if it is a good time to put it on the market. With market conditions always fluctuating, you want to be sure that they are in a good state to get the most benefit out of selling. Research Comparable Houses and Median Home Prices To get a better idea of what your home will sell for, research similar homes in your area and determine their value. You want to avoid pricing your house to high or too low and knowing the market value is a great step toward avoiding such a costly mistake. Compare the Current Value to Amount Owed Once you have taken the steps to determine what similar homes are selling for and the median sale prices in your area, it is time to see if selling your home will really benefit you. If the timing is not right, the market value of your home may very well be less than the remaining balance you owe. So do your homework, run the math, and avoid selling at a bad time. So, say you’ve taken these steps and now are ready to in fact put your home on the market. Now what? Let’s take a look at the steps to take from there. Prepare to Sell Your Home Take Care of any Necessary Updates and Repairs When putting your house on the market, the last thing you want to do is have potential homebuyers walk in to see leaky faucets, cracked windows, or other potential issues. So, it is recommended that you repair as many known issues as you can when seriously preparing to sell your home. Having inspections to uncover other potential issues such as mold and infestations can also avoid some major turnoffs for prospective buyers. Make the Inside and Outside Look Appealing There are several ways in which potential buyers will see your house such as flyers, websites, and of course in person visits. And you want to be sure that they get a good impression that will leave them wanting to buy. Keep the outside looking good with a nice, mowed lawn, trimmed hedges, appealing landscaping, and only leave outdoor furniture where necessary. You want to avoid an unkept or cluttered yard, placing the excess lawn furniture in storage. You will want to do similar with the inside of the home. Leaving some furniture to help sell the space, while putting the rest of the items in storage is recommended. You want to show furniture for scale and appeal, while avoiding the appearance of clutter. Leaving the interior and exterior of the house partially set up and decorated will help potential buyers to imagine themselves living there. Get Professional Photos of the Home Once you have put in all the excellent work of doing repairs and making your house look appealing to buyers, have a professional photographer come out and capture captivating images. Having professional photos of your home will help capture the attention of potential buyers on platforms such as Zillow and increase the likelihood that they schedule a tour. Now that you have taken steps to prep your house and capture some professional photos, it’s time to get the listings out there and start those open houses. So, let us go over the next steps you can take with your real estate agent. Get the Realtor Involved Open Houses and Tours So, you have gotten your house all prepped, photos taken, and now are ready to start getting prospective buyers lined up. This is the time when you want to get your Real Estate agent involved with listing the property online, booking tours, scheduling open houses. Getting people to come physically look at the house helps give them the chance to really immerse themselves sin the idea of it being their home. All the prep and photos are merely steps toward enticing them to physically have a look, which is much more impactful of an experience than any photo can provide. Leave the Rest to the Agent and a Loan Officer Now is the time when you can leave the rest to the Real Estate agent and Loan Officer. The Realtor can now list the home online, share flyers, send out emails, and really push your house out there to the market. By partnering with a Loan Officer, the Realtor can then hand off the prospective buyers to somebody capable of accepting applications and getting the home buying process started. Many of the Loan Officers here at Big Valley Mortgage have developed strong relationships with trusted Realtors just for this purpose and work together with their real estate partners to match clients to their dream homes. Ways to Buy a New Home When Selling Another Buy Before You Sell If you buy your next home before selling, it can help make the buying process much more relaxed. With less urgency to get moved in, you won’t have to feel as rushed as if you were to buy after selling your current home. You’ll also have a place to settle into before selling your home, avoiding the need to rent a storage unit or be stuck in limbo. It also helps avoid issues if a deal falls through and you don’t get a home as quickly as you’d hoped. However, there are also some negative aspects to buying your new home before selling your current one. With a more relaxed buying process, comes the potential of a more rushed selling process which can cause you to possibly accept a lower offer on your former home than if you’d sold it first. You could also wind up stuck with your former home for longer than you expected, which can leave you with paying two sets of taxes and possibly even having to rent the house out until it sells. You may also find it harder to put a good-sized down payment on your new home or even get qualified while still stuck with the other house in your possession. Sell Before You Buy If you sell your home before buying another, you avoid having to pay on two mortgages at the same time, getting stuck trying to sell longer than you anticipated, and reduce your chances being denied when applying for a new loan. Another benefit of selling your home before purchasing another is that it will provide you with more money to apply to your down payment. The negative aspects that come with this option are of course that you will need to find a temporary place to stay between homes, will need to move multiple times, may wind up needing to pay for storage, and you could potentially make a poor buying decision due to feeling rushed. So whichever of these options you go with, be sure to really think it through, weight out your options, and do your homework. Not every situation is the same and you will want to make sure to choose the option that is best for you.  Conclusion Understating the method and strategies of selling your home can help you make a better decision. Most people make mistakes when they are not aware of the method they need to follow. Following the above tips will be of great help, and you can quickly sell your home on your own. If you are looking to get connected with a Loan Officer and Real Estate Agent who can help you sell your home, we invite you to contact us. We can help connect you to a Real Estate Agent and Loan Officer with the experience and expertise to help you on your journey.
By Brent Ross 05 Jan, 2021
Here is a useful guide for helping you choose a trusted Loan Officer and the right mortgage lender. While several parts of the mortgage process are similar across all lenders, specific differences can affect the services you receive. The two most common services Homeowners may be looking for are either a mortgage for purchasing a home or refinancing an existing home loan. However, borrowers may not find the best advice according to their needs if they work with inexperienced or poorly trained Loan Officers. Important Questions to Ask When selecting a Loan Officer , it is suggested that you inquire whether they are working as a licensed mortgage Officer. It might be helpful for borrowers to inquire about their NMLS number to look Officers up on the Nationwide Mortgage Licensing System and verify their records. This can also help you find out the number of years of service they have in the industry. Asking about the average processing time for your type of mortgage is also crucial. Besides that, here is a rundown of the questions you should ask a potential Loan Officer: Will someone else take over the loan process when it goes to underwriting? Or, will the Loan Officer be the primary contact throughout the process? What is the best form of contact to stay in touch with the Loan Officer throughout the process? What is the recommended rate lock duration? Which steps of the process will occur in person, and which steps will take place online? (Consider closing and appraisals) Of course, one of the best ways is to ask your family members and friends for a recommendation…they will surely either give you someone who treated them great…or for sure warn you about someone they had a bad experience with! Important Values When choosing a reliable Loan Officer, here are the most important values to look for in a trusted Loan Officer and mortgage lender.
01 Sep, 2020
While most of us know about typical mortgages, what about reverse mortgages? Reverse mortgage loan options are available to individuals later in life, giving them an opportunity to save their limited income or retirement funds.
By Brent Ross 15 Aug, 2018
Win and woo your next-door friends with a little neighborly know-how. If you want good neighbors, you’ll first have to become one yourself. Master these seven techniques, and even you (yes, you!) can win the approval of your entire neighborhood.
By Brent Ross 12 Jul, 2018
Want to create wealth through homeownership? Build equity.  Home equity is the percentage of your home’s value that you own, and it’s key to building wealth through homeownership. Let’s take a closer look at how to build home equity without blowing your budget — and how to access it when you need it.
Show More
Share by: