Fixed Rate vs ARM Part 2

Fixed Rate Mortgages VS. ARM (part 2)

Last time we talked about the advantages and disadvantages of Fixed Rate Mortgages, now we focus on Adjustable Rate Mortgages. We don’t know what that was here, with an A.R.M you get lower payments early on in the loan. You also learn how to refinance and take advantage of falling rates, you are at the mercy of the market and dropping rates means dropping monthly payments. This is a great opportunity for someone that isn’t planning to live in a house very long, the flip side of that means that rates and payments can rise in a relatively short period of time. Upside down A.R.M can be difficult to understand and potentially bewildered online.

Chat with us today!

For more details on how to prepare and what to expect at your first meeting with a mortgage professional or if you are interested in getting started on your loan approval process, please contact our Hunter Home Loan Team at 727-315-1635.

Those who are feeling overwhelmed, or are Interested in learning more about loans we offer or loans approved with conditions Check out our resources here for agents or clients…We are here for YOU!

Fixed Rate vs ARM Part 1

Fixed Rate Mortgages VS. ARM (part 1)

With Fixed Rate Mortgage, your interest rate is set once you take out the loan and remains the same through the duration of your payments. With an adjustable rate mortgage or ARM, like arm! Your interest may go up or down, so actually, which one of it is better? This can get pretty in depth, so let’s start with the Fixed Rate Mortgage. They offer a consistent mortgage payment regardless of what happens in the economy. Making it simple to understand and budgeting much easier. One downside is 30 year fixed rates are typically higher than most ARM products. If you decide to refi down the line there are costs in some way associated with refinancing and if rates are higher at that time it won’t make sense. We will talk about Adjustable Rate Mortgages in Part Two, but if you have any questions lets share a call!

Chat with us today!

For more details on how to prepare and what to expect at your first meeting with a mortgage professional or if you are interested in getting started on your loan approval process, please contact our Hunter Home Loan Team at 727-315-1635.

Those who are feeling overwhelmed, or are Interested in learning more about loans we offer or loans approved with conditions Check out our resources here for agents or clients…We are here for YOU!

What is a VA Home Loan?

VA Home Loan Requirements Explained

What is a VA home loan?  A VA home loan is a mortgage loan in the United States guaranteed by the United States Department of Veterans Affairs (VA). The basic intention of the VA home loan program is to supply home financing to eligible veterans and to help veterans purchase properties with little or no down payment.

I believe the VA home loan is the best product in mortgage lending and it has the best pricing per the loan details. If you are eligible for a VA loan I highly recommend looking into it and we would love the opportunity to serve you! The most utilized and greatest benefit is- the option of no money down, with no mortgage insurance… which is amazing and rare in the mortgage world.

Another benefit is the ability to borrower up to 484,000 without the loan being considered a jumbo loan, and yes there are still jumbo loan limits that go even higher near 1 million dollars. There are limitations on Veterans closing costs which means you typically save on your costs. You do not have any prepayment penalties on a VA home loan. If you decide to refinance one day the process is streamlined (which means easier) and the cost and rates can be less than a traditional mortgage.

VA mortgages are assumable, which means you may be able to have someone take over your mortgage payment when you sell, this can be a big benefit to a buyer in a rising rate environment and make it easier to sell. Down payment and closing costs can be gifted. Closing costs can be gifted from a relative or even the seller can contribute towards closing cost on a VA home loan.

These are a  few benefits of why I enjoy providing the VA home loan and why I enjoy sharing our VA home loan options. We love helping our Veterans and serving them. We have been fortunate to help Thousands of Veterans with VA Home loans, thank you for your service and allowing us to help! Please reach out to talk more! (727) 315-1635

Movement Mortgage is committed to helping military families across the country!
Chat with our experts today, and learn more about the VA Home Loan requirements and benefits in Florida specifically.

Good News…Tipped Employees Can Purchase a House Too!

Home Loans For Tipped Employees

The good news? Tip earners can purchase a house just like anyone else. The not so good news is, you must report all your tip income to the IRS. I know that’s not the answer you want to hear, but if the income is not claimed, it cannot be used. The reason is, underwriters average the last 2 years of your income to determine how you qualify as a buyer when the income is variable. So, if your tip income isn’t claimed, your buying power is going to be a lot lower than if it is claimed to the IRS. And everyone else, make sure you tip your servers, you could be helping them buy a house in the near future.

We have helped many buyers borrow with tip income, reach and lets put your buying and mortgage plan together! That’s your mortgage minute 

Chat with us today!

For more details on how to prepare and what to expect at your first meeting with a mortgage professional or if you are interested in getting started on your loan approval process, please contact our Hunter Home Loan Team at 727-315-1635.

What Does Loan Approved With Conditions Mean?

What Does It Mean When Your Loan Is Approved With Conditions?

First, take a deep breath. This is a big milestone in the mortgage process and worthy of celebration. As you gave us or your loan officer all the pertinent info, like W-2s, pay stubs, maybe tax returns, bank statements, your employment housing, and credit history… and all of that and more got submitted to a human underwriter. Underwriters carefully examine the documents and when they are mostly satisfied from a guidelines perspective the underwriter can approve the loan with a few unanswered questions or documents needed, which is called conditions.

Perhaps you’ve had a large withdrawal or deposit form your account recently, maybe you have a page missing or an incomplete document. Maybe the employment verification doesn’t match up to your documents provided, maybe proof of mortgage or rental history is still needed, maybe your homeowner’s insurance hasn’t been finalized, maybe a credit supplement needs to be ordered to update your credit report. You get the point right!

There are items where a loan can be approved based on what we have in the file and after the few remaining “conditions” are gathered, the loan is submitted back to underwriting and cleared….Then we will have a “Clear to Close”, which is the best phrase is the mortgage lending process!  This is when you REALLY celebrate!

Let’s talk more about our 6-7-1 process and how you can earn “Clear to Close” in just 8 days!

Chat with us today!

For more details on how to prepare and what to expect at your first meeting with a mortgage professional or if you are interested in getting started on your loan approval process, please contact our Hunter Home Loan Team at 727-315-1635.

Those who are feeling overwhelmed, or are Interested in learning more about loans we offer or loans approved with conditions Check out our resources here for agents or clients…We are here for YOU!

 

Renovation Loans Let You Expand Your Home Search!

What Is A Renovation Loan?

So, you found a house that has potential, great location, big back yard, 2 car garage, but the kitchen needs a face-lift and the dining room doesn’t have those hard-wood floors you’ve always wanted. Before crossing the property off your list, you might want to consider a renovation loan or as I like to say a customization loan.

A renovation loan lets you purchase a house while giving you the additional funds to remodel or repair your property. It can expand your home search because you can buy something less than perfect and then- make into the home you dream of!  Plus, your purchase and renovation costs are combined into one convenient monthly payment, which is typically much less costly than using high-interest credit cards and other financings. 

If you have been living in your house for many years and would like to upgrade and renovate to something new, or if you are planning on purchasing a fixer-upper, you can fund this project with a renovation mortgage. You can receive a fixed or adjustable interest rate, and your renovation costs are placed into one loan.

Facts About Renovation Loans!

A Renovation Loan can help your loan approval process if you are having trouble getting approved!

Renovation Loan A few different Renovation Loans that our team may consider for you are the following: FHA 203(k) Standard & Limited, HomeStyle® Renovation Mortgage, or HomeStyle® for Investors. Our recommendation depends on your personal situation. To qualify for a 203k loan, you’ll need to meet the same credit score requirements as any other FHA loan. Contact The Hunter Home Loan Team today to find out what our lenders require!

Although a renovation loan has many benefits, it also has some intricacies. So, make sure you speak with the Hunter Home loan Team, so we can give you a more detailed explanation of what you can expect. We look forward to serving you! 

 

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