Mortgage Minutes

I am in the process of recording videos to address the questions below. Thank you, Ray

Considering a Home Purchase

  • What is a Mortgage?

  • Is it easy to get a Mortgage?

  • Are there First-Time Homebuyer Programs?

  • Three things that Protects Buyers?


Application & Qualification

  • Application process explained.

  • What documents are required?

  • Should both Husband & Wife be on the mortgage?

  • Dollar amount you can Qualify for?

  • Down Payment, how much do you need? 

  • What are Closing Costs?

  • What are Pre-Pays & Escrows? 

  • What are Debt-Ratio’s? 

  • What is a Loan Estimate? 

  • What is the difference between a Pre-qualification and Pre-approval letter?

  • Loan Process overview.


Credit

  • Does Your Credit Score affect You Purchase Ability? 

  • Why are your Credit Scores different from what you may expect?

  • Does applying for a mortgage negatively affect your credit score?

  • Establish Credit:

    • Credit Build 2

    • Credit Build 3

  • Credit Problems:

    • Late Payments

    • Collections

    • Charge-Offs

    • Chapter 7 Bankruptcy

    • Chapter 13 Bankruptcy


Interest Rates

  • What factors determine your Interest Rate?

  • What are Discount Points?

  • What is a Rate Lock? 

  • Are Assumable loans available?


Your Under Contract

  • Home Inspection

  • Home Appraisal

  • Home Owner’s Insurance

  • Title Insurance

  • Hybrid Closing


Funds from You

  • Purchase Transactions:

    • Earnest Money

    • Home Inspections

    • Appraisal fee

    • Closing Funds (Down Payment, Pre-Pays, Escrows)

  • Refinance Transactions:

    • Appraisal fee


Mortgage Payment

  • Principle & Interest

  • Taxes & Insurance

  • Mortgage Insurance

  • HOA

Loan Types

  • Different Categories of Mortgages

  • Conventional Mortgage (Conforming & Non-Conforming)

  • Government Loans

    • FHA

    • Home Equity Conversion Mortgage (Reverse) 

    • VA

    • USDA 

  • Down Payment Programs

    • Georgia Dream

    • In-House Programs

    • NSP’s, Grants

  • Jumbo

  • Non-QM

    • 1099 loan

    • Asset Qualifier

    • AIO (All In One) Loan

    • Bank Statement loan

    • DSCR (Investment)

    • Fix & Flip (Investment)

    • Foreign National

    • ITIN Loan

    • No-Ratio

    • P&L Loan

  • HELOC - equity line of credit 

  • Bridge loans

  • What is a Second Mortgage?


days before closing

  • Closing Disclosure

  • Wiring Your Funds


Closing Day

  • What to expect on Closing Day?

  • What is a Hybrid Closing?

Post Closing Information

  • When is your First Payment due?

  • Can you Pay-Off your mortgage early? 

  • HomeStead and Other Tax Deductions

  • Writing off Home Expenses on Your Taxes?


Refinance

  • Common Reasons for Refinancing

  • Cash-Out Refinance 

  • Warning of Refinancing