Tuesday, May 24, 2011

Free Underwriting Class Tonight

It's a gloomy day. Why not spend a few hours this evening learning how loans REALLY get approved?

We've got a few spots left in the underwriting class being held tonight at Colorado Free University: Get Your Home Loan Approved!: FAQ's and Secrets of Mortgage Underwriting.

Imagine if all the frustration surrounding loan approvals disappeared. No more sweating it out wondering what the lender (and the ever-so-mysterious underwriter) were doing. We'll explain exactly how a loan is underwritten. There's no reason at all that anything involved in mortgage approvals should be "secret", so we're going to tell you how it all works.

The class is free. All you have to do is register for the class at Colorado Free University. Their number is 303-399-0093.
The class is tonight, Tuesday, May 24,and will run from 6:30 PM - 9:30 PM. It will be at the Lowry campus of Colorado Free University (near 1st and Quebec).

Come and learn. You will be glad you did.

Getting a loan approved is easy - if you know what to do. The Mortgage Experts know what to do!!!

Make sure you check out our web site:
www.mtgsupportservices.com

Financing for 5-10 Properties

Ever had a lender tell you there is no financing available if you own more than 4 properties? That's only true for some lenders.

Fannie Mae allows financing for up to 10 properties, and so do we!

Purchase transactions require a 720 credit score and 25% down.

Refinance transactions require a 720 credit score and 30% equity.

Getting a loan approved is easy - if you know what to do. The Mortgage Experts know what to do!!!

Make sure you check out our web site:
www.mtgsupportservices.com

Financing for Investment Properties

Here's all you need to know about getting a mortgage for an investment property:

1. If you are buying a 1-unit investment property, you need 20% down. Fannie Mae underwriting guidelines say you only need 15% down. However, you also need mortgage insurance if you have less than 20% down, and no mortgage insurance company is willing to insure an investment property. You need the full 20% down to avoid the mortgage insurance.

2. If you are buying a 1-unit investment property and you put 25% down, the rate will be cheaper. The difference in the rate depends on the day you lock the interest rate, but it will always be less if you put the extra 5% down.

3. If you are buying a 2-4 unit investment property, you need 25% down.

That's it. Investment property loans are as easy to get approved as anything else. Use a good lender and it goes very smoothly.
Getting a loan approved is easy - if you know what to do. The Mortgage Experts know what to do!!!

Make sure you check out our web site:
www.mtgsupportservices.com

Thursday, May 12, 2011

The Mortgage Loan Application - Page 2

First, get a copy of the loan application by clicking here.

The Loan Application
  • There are 4 pages in a mortgage loan application
  • It is divided into 10 sections
  • This tip will discuss Sections IV and V (both on page 2)
  • NEVER complete the loan application by yourself. The lender should ALWAYS do it for you.
  • If your lender tells you to complete it yourself, or to complete it online, then you need to find a new lender.
Section IV
  • Section IV is EMPLOYMENT INFORMATION
  • All loan applications require 2 full years of employment history
  • Does NOT mean you need to have a job for two years before qualifying for a mortgage, but you do have to tell what you were doing for the past 24 months
  • Employed? Unemployed? In school?  Need to include all of these.
  • NOT every job needs to be listed – only the jobs needed to qualify for the loan
  • However, EVERY self-employed job that lost money (as reported on your tax returns) needs to be listed
Section V
  • Section V is MONTHLY INCOME AND COMBINED HOUSING EXPENSE INFORMATION
  • Lists income, broken down into base income, overtime, bonuses, commissions, dividends/interest, net rental income, and other types of income
  • Each type of income is calculated differently
  • Lists present primary residence monthly payment
  • Lists the “proposed” monthly mortgage payments
Important!
  • You should NEVER complete the application by yourself – either manually or online
  • A good lender needs 15 minutes to complete the application
  • You should make sure the information is correct – if it is incorrect, cross it out and enter the correct information before signing
  • If you feel pressured by the lender, do NOT sign
  • GET A COPY of everything you sign!!!
Check out a video of this tip on our web site:

www.mtgsupportservices.com


Did you know that Debbie and Chris Thomas, The Mortgage Experts, have each been awarded the prestigious 2011 FIVE STAR Mortgage Professional designation by 5280 magazine? That makes us a TEN STAR team! 50,000 recent home buyers ranked both of us in the top 5% for overall customer satisfaction and mortgage knowledge. Want to be satisfied when you get a mortgage? Call The Mortgage Experts.


Getting a loan approved is easy - if you know what to do. The Mortgage Experts know what to do!!!

Property Marketability

There are two distinct things that must be approved before a lender will give a borrower any money to buy a house: the borrower and the property.

Getting the borrower approved is easy. Collect the right information, run it through the underwriting software, and send everything to underwriting to make sure the borrower's information was entered into the software correctly.

Getting a property approved is a bit more complicated. First, the appraisal must show that the property is worth what the buyer is paying for it. The appraisal must also show that the property is marketable. The lender cares about marketability because they want some kind of assurance that they will be able to sell the property quickly if the borrower goes into foreclosure.

Lenders want a property to appeal to the largest possible pool of potential buyers. If a lot of people want to buy a house, it is considered "marketable".

Here's a good example of how a house might not be marketable. A dome house might be cool to look at, and it might be worth a lot of money, but not too many people want to live in one. A dome house is not very marketable, and it is extremely hard to get a loan for one.

The same goes for houses with other unusual designs, zoning restrictions, or those without adequate utilities or year-round access.

Marketability is as important as value!

Did you know that Debbie and Chris Thomas, The Mortgage Experts, have each been awarded the prestigious 2011 FIVE STAR Mortgage Professional designation by 5280 magazine?  That makes us a TEN STAR team!  50,000 recent home buyers ranked both of us in the top 5% for overall customer satisfaction and mortgage knowledge.  Want to be satisfied when you get a mortgage?  Call The Mortgage Experts.

Check out our web site: www.mtgsupportservices.com


Getting a loan approved is easy - if you know what to do. The Mortgage Experts know what to do!!!

Monday, May 2, 2011

5280 Magazine Recognizes The Mortgage Experts!

5280 magazine notified Debbie and Chris that they have been awarded the designation of FIVE STAR Mortgage Professional for 2011.

A survey of nearly 50,000 recent home buyers was conducted, and Debbie and Chris were each ranked in the top 5% of all mortgage professionals in Denver, based on overall satisfaction, mortgage knowledge, and the willingness of those surveyed to highly recommend them to their friends.

Does that make us a TEN STAR team? We think so!

This presents a HUGE opportunity for Colorado real estate agents. When you refer your clients to The Mortgage Experts, you are referring your clients to a team that is recognized by home buyers - YOUR client base - as being the best. When your clients are satisfied - and they certainly are when you refer them to us - they will refer more business to you. Referring clients to us means more money in YOUR pocket.

If you are in the market for a mortgage yourself, why not get your loan from the recognized Mortgage Experts?

Give us a call and join the winning team! 50,000 home buyers are extremely happy with what we do. You will be, too!
Make sure you check out our web site. It's a resource you shouldn't be missing. Here's the link:

http://www.mtgsupportservices.com


Getting a loan approved is easy - if you know what to do. The Mortgage Experts know what to do!!!