Steve Verrier – (904) 514-8884

NMLS# 228111

What Question To Ask Your Loan Officer That Could Save You Thousands!

The Term (or length) Of Your Mortgage Loan

When you apply for a loan one of the things you need to consider is the term of the loan. Most lenders will offer you a 30 year or 15-year term. The *Insider Tip* here is that you have other choices that most lenders will not mention to you.

 You just need to make sure you ASK about them!

 There are also standard 25, 20, and 10-year terms and there could be a huge difference in the total cost of your loan depending on your choice. Some lenders even offer custom or FLEX terms also. For instance, if you had 22 years left on your existing loan and were looking to refinance but did not want to go out to 30 or 25 years, we can get a flex term of 22 years or any number actually.

But for now, let’s look at the example of a $200,000 loan at a sample rate of 6% annually:

30-Year Fixed Loan at 6% – Principal and Interest Monthly Payment – $1,200

Total of 360 (30 Years) Payments – $432,000

25-year Fixed at 6% – Principal and Interest Monthly Payment – $1,290

Total of 300 Payments (25 Years) – $387,000

So, for $90.00 per month, you pay off 5 years earlier and can save a minimum of $25,000 over the life of

the loan.

This is a significant difference and savings!

When you call me or submit your pre-application this is one of the many important topics we will cover

in your No-Obligation No-Cost Consultation. To arrange an appointment now call me at 904-514-8884 or:

Apply Now Here!

I hope you have enjoyed this step of our guide.

Until our next lesson,

Steve

P.S. We have more valuable information and resources at:

TheFloridaMortgageCenter.com

The post Homebuying Guide – 8: The Question To Ask That Could Save Thousands! appeared first on TheFloridaMortgageCenter.com at ANE Lending.

The appraiser will often visit the property and take photos of the interior and exterior of the property. They will then compare it to all of the homes in that subdivision that have sold and closed within the past 6 months. They are typically able to travel up to 1 mile away from the property to get this information.

Once all of this information has been gathered they will then make adjustments and compare your home (the subject property) to all of the other homes (the comparable sales aka. comps) in the area and arrive at a value.  Investment property reports will also contain information on market rents and will cost slightly more.

This form is then sent to the lender for satisfactory review.

If you are applying for an FHA or a VA loan the appraisers must be on the approved lists of these agencies. Both programs have slightly more stringent requirements for the condition of the property than a conventional loan. A home must be by all means Safe, Sound and Sanitary. If the appraiser does note repairs on the appraisal they will often have to be completed and re-inspected before the lender will allow the loan to close.

In my next report for the guide, we will discuss the Loan Terms and disclose a secret most lenders will not share with you.

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If you would like to get started now please fill out a Secure Online Application and we will contact you to

set up your free consultation and get you into the home of your dreams with the best terms available…

regardless of your credit!

If you have questions, call us or submit them here

I hope you have enjoyed this step of our guide.

We have many creative loan programs to fit your needs.

Please contact us at 386-866-1112 to schedule your FREE No-Obligation Consultation where we will meet to tailor a program to fit your needs and comfort level for monthly payments and investments.

Until our next lesson,

Steve

The post Buying A Home Part 4: The Appraisal Process appeared first on TheFloridaMortgageCenter.com at ANE Lending.

In this tip, we will discuss the Mortgage Pre-Approval Process BEFORE you start shopping for your new home.

 Do You Have A Thousand Dollars To Simply Throw Away?

 I know this may sound like a very silly question but that is exactly what happens every day to unsuspecting buyers who do not get pre-approved for a loan BEFORE they go house hunting.

Let me explain with a typical scenario…

You decide it is time to move so you find a realtor and start looking for a home. After some house hunting you find the perfect home and make an offer which is accepted.

Now you must meet with a lender to obtain a mortgage for this home. When you apply for your loan the lender will request payment info for the appraisal and credit report. It is also a very good idea to have your home inspected. This is another fee that you will be required to pay for when the service is rendered.

So, approximately 7 to 10 days after your contract was accepted by the seller you will be required to spend this $1000.00 or more.

Whether Your Loan Is Approved Or Denied These Funds Are Not Refunded!

 THE RIGHT WAY…

The proper procedure is to meet with a lender and get your loan pre-approved BEFORE you go house hunting. Aside from avoiding the unpleasant situation just described above there are other benefits to having your loan in place as your first step in the process.

In this pre-approval meeting we can establish what your comfort level is for monthly payments as well as the amount of funds you can comfortably use for the transaction and we can then use these figures to recommend the appropriate program.

In a seller’s market where there are many more buyers in the market than there are homes for sale this can give you a much needed edge. When the seller knows your loan is already pre-approved your contract has a better chance of being accepted than the one from the buyer who has not yet met with the lender and may or may not be able to get a loan.

If you would like to get pre-approved and have your money waiting for you BEFORE you go house hunting please call me at 904-514-8884 for a No-Obligation Consultation.

In our next tip we will cover the appraisal and what your home is worth.

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If you would like to get started now; please fill out our Secure Online Application and we will contact you to set up your free consultation and get you into the home of your dreams with the best terms available…regardless of your credit!

I hope you have enjoyed this tip.  We currently have over 40 creative programs to fit your needs.

Until next time,

Steve

The post Buying a Home Part 3: The Mortgage Pre-Approval Process appeared first on TheFloridaMortgageCenter.com at ANE Lending.

One of the biggest barriers to homeownership in the country after any credit issues is saving money to buy a home. The money you need is broken down into 2 categories: down payment and settlement costs. Your down payment will vary depending on which loan program you choose.

The three most popular major loan programs are:

FHA – Federal Housing Administration

VA – Veterans Affairs Loan

Conventional – (Fannie Mae/Freddie Mac)

Each of these programs has its own loan limits, down payment requirements and qualifying guidelines which do occasionally change so please contact our office for the most up-to-date information.

How Much Of  A Down Payment Do I Need?

Real estate closing practices vary widely from state to state and even county to county but normally fall between 4-7% of your purchase price. Where you live will determine exactly what you will have to pay.

Even if you are not required to escrow money for taxes, you may want to set aside this amount to assure that you will be able to pay those tax bills when they fall due.

You can get a good idea of what applies to your specific area by giving me a call at 904-514-8884 or by filling out this Contact Us Form.

What Is A Good Faith Estimate? 

Remember, all lenders and brokers are required to provide you with a Good Faith Estimate detailing the services you may be required to get and pay for in connection with your loan.

This Good Faith Estimate will give you a way to compare loans and see what your closing costs would be. Click the link below to find a list of coded names that describe the different fees, which may be associated with the services previously mentioned. These codes and names correspond to those found on the HUD-1 Settlement Statement.

Lenders will want to see that you have had these funds in the bank for the past 60-90 days and will request your last 2 months’ bank statements.

What If I Do Not Have Money For A Down Payment?

If you do not have a lot of money available to buy a home, here are some ideas:

1. Borrow against your 401(k)
2. Withdraw money from your 401(k)
3. Get a gift from a relative
4. Ask the seller to help with closing costs (called seller concessions)
5. Get a grant from a non-profit organization

What If None Of These Sources Are Available?

The good news is that we have several Down Payment Assistance programs that will allow you to purchase a home even if you truly have no funds.

No…this is not like the infomercials.

In the past few years, with homes appreciating rapidly across the country, lenders have come out with new products to address these issues.

It is still possible that we may be able to offer you a loan that allows you to finance 100% (or almost 100%) of the purchase price of your home.

Call me at 904-514-8884 to arrange a private No-Cost and No-Obligation Consultation so we can review your situation and recommend the programs that will be best suited to your needs.

In our next lesson we will cover getting pre-approved and the CORRECT pre-approval process…

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If you would like to get started now please fill out a Secure Online Application and we will contact you to set up your free consultation and get you into the home of your dreams with the best terms available… regardless of your credit!

Or if you have questions, call us or submit them here.

I hope you have enjoyed this step of our guide. We have many creative loan programs to fit your needs.

Please contact us at 904-514-8884 to schedule your FREE No-Obligation Consultation where we will meet to tailor a program to fit your needs and comfort level for monthly payments and investments.

Until our next blog…

P.S. We have more valuable information and resources HERE!

The post Buying A Home – Saving Money To Buy A Home appeared first on TheFloridaMortgageCenter.com at ANE Lending.

Herbal bath and beauty products can invigorate, soothe and cleanse. Plus, they are often luxurious in scent and texture. Sure, you can buy herbal products – but it can be fun to create them yourself. They even make thoughtful gifts!

Whipping up a batch of homemade herbal bath and beauty products is easier than you may believe, and the ingredients are not hard to find – many can even be found in your local grocery or health food store. Here are a couple simple recipes to get you started!

HERBAL BATH SALTS: In general, you’ll need three tablespoons of coarse sea salt and up to ten drops of essential oils per bath. Add a few drops of coloring if you wish. Shake all the ingredients together in a paper bag and store the finished product in a decorative glass jar.

Morning Wake-up Bath

3 tbsp. coarse sea salt

3 drops rosemary

2 drops juniper

2 drops bergamot

2 drops sandalwood

Evening Calming Bath

3 tbsp. coarse sea salt

4 drops lavender

2 drops ylang-ylang

2 drops chamomile

1 drop nutmeg

HERBAL LIP BALM: Both the harsh cold of winter and the drying heat of summer can lead to cracked and chapped lips. Keep yours soft and supple with this easy lip balm recipe.

Soothing Honey-Orange Lip Balm

2 tsp. olive oil

1/2 tsp. beeswax

1/2 tsp. cocoa butter

1/2 tsp. honey

3 drops essential oil of orange

1 vitamin E capsule

Measure the olive oil, beeswax, and cocoa butter into a glass or enamel pan. Melt over low heat, stirring often until the wax is melted. Remove from heat and stir in honey, essential oil, and the contents of the vitamin E capsule. Pour into containers.

I hope these tips help you create some soothing products and relax a bit.

The post Homemade Herbal Products appeared first on TheFloridaMortgageCenter.com at ANE Lending.

Your credit is a crucial part of the lender’s decision on whether you get approved for a mortgage or not. Your credit score will also determine the rates and point structure the lender will offer you. Before we get started, go ahead and print this tip so you have it for future reference…

You may think your credit situation is hopeless. Just remember that there is always the chance to improve it, even under the most challenging of circumstances. I have helped many people get into homes even when their banks originally said no.

If you think you have perfect credit, this lesson will still be of value since there is a real possibility that your report contains mistakes you are unaware even existed.

Credit reporting agencies, or credit bureaus, collect information about consumers’ financial affairs and sell that information to their business members, such as credit grantors, employers, and insurance companies. The credit bureaus normally charge annual fees as well as a fee for each credit report requested by members.

The first step in the process is to get a copy of your credit report.

Go here to get a copy of your free credit report now

The Three Credit Reporting Agencies In The USA

Equifax, Experian, and TransUnion.

However, not every creditor reports to every credit bureau. For example, Visa may report to Equifax while your credit union reports to TransUnion and your auto loan company reports to all 3 bureaus.

Credit bureaus obtain their information from three major sources:

1. Consumers supply information, primarily from filling out application forms for credit.

2. Public records provide information on such matters as bankruptcies, court judgments, foreclosures, and agreements registered.

3. The major credit grantors and collection agencies regularly send their credit files electronically to the credit bureaus, resulting in files that include the account number, outstanding balance, and a nine-point scale indicating whether a payment was made on time or not.

You must first know how to read your credit report. The grid below will show you what the letters and numbers on your credit report mean. Most credit reports use the same codes to report information. Knowing what the codes mean can help you interpret your credit report.

Type of Account

O = 30-, 60-, or 90-day account

R = Revolving open-end account

I = Installment and/or mortgage account

Numerical System

0 = Too new to rate: Approved but not used

1 = Pays (or paid) within 30 days of billing; pays account as agreed

2 = Pays (or paid) in more than 30 days, but not more than 60 days

3 = Pays (or paid) in more than 60 days, but not more than 90 days

4 = Pays (or paid) in more than 90 days, but not more than 120 days, or three or more payments overdue

5 = Account is at least 120 days overdue, but not yet rated 9

7 = Making regular payments under wage earner plan of bankruptcy act or similar arrangement

8 = Foreclosure or repossession

9 = Bad debt; placed for collection; suit judgement; skip

History Rating

0    0    0

$    $    $

30    60    90

How many times payments are 30, 60, or 90 days late.

If you have had a bankruptcy or other credit issue there is a strong possibility that your credit report is incorrect. Many bills that were included in your bankruptcy, or bills you paid in the past, may still be showing up as past due. Often you may find collections on your report from medical bills you thought were paid by your insurance company.  The good news is that you should be able to correct these issues with a few documents and letters.

Correcting Errors on Your Credit Report

Make sure the following information is correct: Your name; or names if you are or were married; Social security number; Date of birth; addresses of places you’ve lived; names of places you’ve worked; pending accounts and accounts that have been closed.

Ensure that nothing has been on the report longer than is allowed by law:

*Bankruptcies must be taken off your credit history after 10 years;

*Suits and judgments, tax liens, arrest records, and most other kinds of unfavorable information must be dropped after 7 years.

Any error that you find must be investigated by the credit bureau with the creditor who supplied the data. The bureau will remove from your credit report any errors a creditor admits are there. If you disagree with the findings, you can file a short statement in your record giving your side of the story. Future reports to creditors must include this statement or a summary of it.

The Fair Credit Billing Act requires creditors to correct errors promptly and without damage to your credit rating.   The law defines a billing error as any charge for something you didn’t buy or for a purchase made by someone not authorized to use your account; for something that is not properly identified on your bill, or is for an amount different from the actual purchase price, or was entered on a date different from the purchase date; for something that you did not accept on delivery or that was not delivered according to agreement.

Billing errors also include errors in arithmetic; failure to show a payment or other credit to your account; failure to mail the bill to your current address, if you told the creditor about an address change at least 20 days before the end of the billing period; questionable items, or any item for which you need more information.

Once you have written about a possible error, a creditor must not give out information to other creditors or credit bureaus that would hurt your credit reputation until the matter is resolved. Until your complaint is answered, the creditor may not take any action to collect the disputed amount.

As of December 1, 2004 the Fair Credit Reporting Act allows you to get one free comprehensive disclosure of all of the information in your credit file from each of the three major credit bureaus once per year.

Go here to get your free report now

In the next blog article, I will be covering if a down payment is really needed.

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If you would like to get started now with your home loan, please click Apply Now to fill out a Secure Online Application and we will contact you to set up your free consultation and get you into the home of your dreams with the best terms available…regardless of your credit!

The post Buying A Home – Understanding Your Credit appeared first on TheFloridaMortgageCenter.com at ANE Lending.

When it comes to your financial life, improving your credit score is one of the best investments that you can make. Having a good credit score means an easier time qualifying for loans, credit cards, and more at favorable interest rates.

Credit scores tell financiers how likely you are to repay back your debts, which helps them determine whether or not to approve your request for a loan and how much interest rate to charge.

But how do lenders determine your credit score? Well, in the U.S., FICO and VantageScore are two of the most popular credit score types. Lenders use either of these two to estimate the level of risk of lending to you when you apply for a loan.

No matter the brand though, at the core of the credit scoring model is a rather complicated software program. The following are a couple of things the scoring model looks at when evaluating your credit score.

• Whether there are any bills that you have paid late.
• How frequently you have applied for credit in the previous twelve months.
• Your credit utilization ratio.
• Your experience with various account types such as installment, revolving, etc.
• How long it has been since you first opened your first credit account.

If your credit report indicates low credit utilization, consistent on-time payments, and experience managing various account types, then you will probably have a good score.

With all that in mind, Income Realty Corporation shares 5 tips on how to boost your credit rating.

Tip #1: Check your credit reports.

Before putting any plans in place on how to improve your credit score, review your credit reports first. Your goal should be to review what is working for you and what is against you.

In the U.S., there are three major credit bureaus. That is, Equifax, Experian, and TransUnion. Now, what you want to do is pull a copy of your credit report from all three. You can do this for free every once a year by visiting AnnualCreditReport.com.

Once you have downloaded your report, go through it and see what is helping your score or hurting it. Things that can contribute to a good rating include:

• Minimal inquiries for new credit
• Older credit accounts
• A mix of different credit card and loan accounts
• Low balances on your credit cards
• A history of on-time payments

On the other hand, things like high credit card balances, late or missed payments, collections, and judgments can major detractors to your score.

Tip #2: Track your progress through credit monitoring services.

Credit monitoring services are companies that you can pay to keep an eye on your credit files. These services, many of which are free, will allow you to receive notifications whenever there is a change to your personal credit.

They usually also provide you access to one of the three credit checking companies. By monitoring your credit rating, you will be able to track whether or not your efforts are working, as well as prevent identity theft and fraud.

Tip #3: Keep your old accounts open.

The credit scoring algorithms also look at how long you have kept your accounts open. The longer you have, the better your credit score will be.

So, don’t close any of the credit accounts you might have. And while their histories will still remain, closing them while having balances on other cards can work against you.

Tip #4: Fatten up your thin credit file.

A thin credit file is a credit history that has few, if any, credit accounts. And, this makes it difficult to build a credit score and this means limited access to credit. Sadly, 62 million Americans have such files, according to Experian.

Luckily, there are a couple of ways in which you can fatten up your thin credit file.

• Check your credit reports regularly looking for inaccuracies or discrepancies.
• Don’t apply for too much credit at once.
• If you rent your home, get your rental account reported to the credit bureaus.
• Apply for a credit builder loan.
• Piggyback off of someone you know and trust. You can do this by becoming an authorized user on someone else’s credit card account.
• Apply for a secure credit card, and then make an effort to pay it off in full and on time every month.

Tip #5: Pay your bills on time and keep your credit utilization in check.

How you pay your bills has a significant impact on your credit score. You can avoid late payments by doing several things. These include: automating bill payments, setting due-date alerts, and creating a filing system to keep track of your monthly bills.

When it comes to keeping your credit utilization in check, the easiest way to do this is by simply paying your credit card balances in full every month. Another way is by requesting for a credit limit increase.

There you have it. Five proven tips on how you can improve your credit score. Essentially, a good credit score means financiers will likely look to lending you money, whether it is for a home, credit card, car, or any other loan type.

The post How to Improve Your Credit Score appeared first on TheFloridaMortgageCenter.com at ANE Lending.

Are you ready to buy your first home? Congratulations! This marks the starting point of your journey to becoming one of the 65.1% of Americans who own the home they live in. But if you are not careful, your dream of homeownership can quickly turn into a nightmare.

This is because the process of getting a mortgage for a first home is surprisingly filled with difficulties. Most first-time buyers don’t study the process because they are unprepared for what they encounter. Navigating this process can be hard if there is no one to direct you.

That’s why Cavalier Estates LLC created this guide to help you be prepared when you approach lenders to get financing for your first home. It will improve your chances of coming away with a home, rather than empty-handed. Here is what you need to know to get a loan as a first-time homebuyer.

1.    Your financial health

The first thing to be aware of is that no lender will provide 100% of the funds needed to buy a home. In addition to providing a considerable part of the home’s purchase price, you will pay out-of-pocket for other costs. Here are your main costs:

• Down payment: This is the portion of the purchase price of the home that you must provide. Depending on the type of mortgage, it can range from 3% to 10%. This means that for a home valued at $300,000, you will be required to provide $9,000-$30,000. The factors which determine how much you will pay down are discussed later.
• Closing costs: Closing costs include all fees and costs that you incur as part of the processes for finalizing the mortgage. It can amount to 2% -5% of the home’s purchase price and includes application fees, legal fees, closing fees, property appraisal fees, underwriting fees, and over twenty other fees. The funds provided by the lender will not cover these fees.
• Emergency funds: Lenders expect you to have an emergency savings account with enough money in it to cover six months of living expenses, including, ongoing expenses for the home and the monthly mortgage payments. It doesn’t include the money for the down payment and closing costs for the mortgage.

These requirements mean you must have enough money set aside. If lenders feel your financial position is fragile you will be viewed as a high-risk borrower and your application will be denied. If you are not financially stable enough to meet these conditions, you can start saving today in preparation for owning your own home in the future.

2.    Know your budget and monthly payments

Owning a home is a big responsibility. A substantial part of your monthly income will go to maintaining the home and making monthly payments. These payments include the principal on your mortgage, interest payments, taxes, and insurance premiums. To make sure you can afford these payments, must determine how much housing you can afford and how much you will need every month to meet your obligations.

3.    You must have good credit

Your credit score is the measure of your trustworthiness and competence in financial matters. It is one of the key things lenders look at to deny or approve your application. It determines how much you will be asked to pay in down payment and interest rates. Borrowers with high credit scores may be able to access a home loan without paying any money down. To make sure you are not denied, aim for a credit score of 500-580. But if you can push the score up to 620-640, you will get even better terms.

4.    Know what mortgage options are available

There are several pathways to buying a first home, including government programs designed to make it easier for first-time buyers. The common mortgage options are:

• Conventional mortgages: These are the standard home loans that are not guaranteed by the government. They require 10% down if the borrower buys Primary Mortgage Insurance (PMI). Without PMI, the down payment can be 20%.
• FHA loans: These are issued by the Federal Housing Administration to borrowers with credit scores no lower than 500. The down payment is usually 3.5%.
• USDA loans: These are guaranteed by the U.S. Department of Agriculture for homes in specific rural areas. The required credit score is 640 and there is no down payment.
• VA loans: These are guaranteed by the Department of Veterans Affairs for current and veteran military service members. The required credit score is 620 and there is no down payment.
• State-assisted programs: These programs use low-interest rates, down payment assistance, closing cost assistance, or tax credits to attract people to settle in certain parts of a state.

 5.    Type of interest payment

Finally, you should find out if a loan is a Fixed Rate Mortgage with the same interest rate over the lifetime of the loan. Or if it is an Adjustable Rate Mortgage with an interest rate that changes according to the market conditions. Each type of mortgage offers specific advantages that may or may not be attractive to you.

If you follow these guidelines you would have done more than enough to qualify for the loan

The post How to Get A Home Loan: Guide For First-Time Home Buyers appeared first on TheFloridaMortgageCenter.com at ANE Lending.