How to sleep at night after you choose your mortgage provider

Many people believe interest rate/closing costs will determine which mortgage provider is best for them…if it were only that easy. Today’s home buying process can be exciting as new listings require attention quickly, and negotiating offers can fill up a weekend schedule without notice.  Confidence in your Loan Officer and open communication can make a substantial difference in your ability to make decisions to keep the process moving forward. Reviews or client satisfaction surveys are fantastic resources to help understand all aspects of the process, some of which you may…

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Can personal property be included in the Purchase Agreement?

Underwriters are always blamed for being picky but when they see personal property listed on the first page of a Purchase Agreement, they get super crabby.  The underwriter will claim that that the loan will not be insured if there is personal property included in the sale. Here is an example:  The agreed upon Purchase Price of a home is $200,000.  In that $200,000 agreement, the Seller has included an outdoor play set in the backyard. The Play set is not considered “real property” but is considered “chattel” which is…

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I Need to Get a Mortgage – Who do I Call First?

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Mortgage rates have risen about 1% in the last 4 months of 2013. We even had some days that rates would rise 4 times in one day (read about that here). Refinancing your loan is no longer the cool topic at the hors d’oeuvre table at the Bunco party or at the water cooler discussion in the office.  This is usually the spot where you will find a “topper” or “one-upper” who jumps into the conversation and says “Oh, yeah…  Well I got a mortgage rate of 1.99% for 30…

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12 First Time Homebuyer Mistakes to Avoid

As the housing market and economy continue to strengthen, many folks feel they are back on their feet and are looking to buy their first home.  The price for renting a home continues to increase as well, adding urgency to many young adults. Understanding the Home Buying Process Buying your first home is an intimidating process.  Not only is this uncharted territory, this is usually the largest financial purchase you will make in your lifetime.  Plus, there are a lot of moving parts including finding a home, making the offer,…

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It’s a race to find Homeowners insurance for your new home

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It’s usually last on your list of things to think about when your offer on the new home gets accepted; locking down the homeowner’s insurance company you are going to use and securing the policy.  An experienced mortgage broker will insist you get started on picking the insurance carrier as soon as your offer gets accepted. What’s the big rush?  You are thinking that the closing will not take place for 3-4 weeks so you have plenty of time to shop around and get it done.  Why do I have…

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