Michael Dunn, Realtor (505) 379-5849 call or text!!! AbqDunn@gmail.com

Michael Dunn, Realtor

Coldwell Banker Legacy (505)379-5849 Call/Text ** AbqDunn@gmail.com

Tips for a smooth loan approval “DO NOT….”

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Tips for a Smooth Loan Approval

If you want to help ensure that your loan closes easily and on time, there are things you can do as a borrower to help the process!  

Do Not Make Any Large Deposits into Your Bank Account!

When reviewing your loan for approval, we review all deposits going into your bank account.  If you have large deposits that are not coming from your place of employment, we are going to need the source of them. All irregular deposits on your bank statement and its source will need to be paper-trailed.  So, don’t obtain and/or deposit unusually large sums of money into your account without notifying your loan officer first.

Do Not Make Any Major Purchases!

During the process of your loan, do not make any large purchase, i.e. furniture, a new car, electronics, etc.  It is very exciting buying a new house, but please do not go out and purchase furniture for it until your loan has closed!  Even though your credit is pulled in the very beginning of the loan process, a second credit report will be pulled right before closing, to make sure there haven’t been any additional changes that could affect your eligibility for the loan. If you are ever unsure about a purchase, contact your loan officer first.

Do Not Make Any Changes to Your Employment!

Do not change employers or the industry without inquiring about the impact this may have on your loan approval.  We do verify your employment at the beginning of the loan process and again, right before closing.  Making any kind of change will definitely delay the process.  Always check with your loan officer immediately if there has been any change in your employment.

 

These are just a few tips to help make the loan process as smooth and easy as possible.

Request for more info

If you would like more info please fill out this form and we will get in touch with you shortly. In the "comments below please enter the subject you want more info on. Thanks for your time!

***Provided by

Heather S Gilstrap

NMLS# 902110

Mortgage Loan Consultant

Legacy Mortgage LLC

6725 Academy NE

Albuquerque, NM   87109

Direct:  505.358.2558

Efax:  505.938.5906

http://hgilstrap.legacylending.mortgage

Apply On-Line:   www.heathergilstrap.com

 

Think you might have a water leak at your house??

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COA WaterThe city of Albuquerque offers a  service to its customers to have a consultant come out to your home or business to evaluate your water usage and try to determine if you might have a water leak and could possibly be wasting water in areas where you might not need to be. Richard Chapman of SmartUse (505) 400-0283 richardsmartuse@yahoo.com came out and did a full evaluation for me and actually detected a leak. He was very patient and extremely helpful!! The service is free to have him come out so call him if you think you might have a leak!! He does not do repairs as he is only there to prevent water waste

Conventional Mortgages now offering a 3% downpayment

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Fannie Mae is now offering a 3% Down Payment option! This is a program available to First Time Homebuyers only.  What this means is that at least ONE of the borrowers cannot have had any ownership interest in a property within the last 3 years.

 

Who is this good for?

This is a great option for borrower’s with good credit, good income, but not a lot of assets. Think recent college graduates who have great income, but don’t have a lot of money to put down. Or maybe newly married couples who now have 2 incomes to qualify, but just don’t have a lot of money in savings.

 

Why choose this option over an FHA?

With the FHA loan limit being $271,050 for a single family home, this can be limiting to buyers who want to purchase a higher priced home without having to put more than 3% down. This gives buyers more purchasing power, even if they don’t have the money to put down 20%. 

Article provided by:

Heather S Gilstrap

NMLS# 902110

Mortgage Loan Consultant

Legacy Mortgage LLC

Direct:  505.358.2558

Apply On-Line:   www.heathergilstrap.com

    

Request for more info

If you would like more info please fill out this form and we will get in touch with you shortly. In the "comments below please enter the subject you want more info on. Thanks for your time!

 

FHA Monthly mortgage insurance (MIP)

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MIPFHA Monthly MIP has been decreased! The monthly premium used to be 1.35% and is now only .85%. This is a huge break through after FHA has continued to increase the premiums over the last couple of years to offset their foreclosure debt. Now that they have recouped their costs from the collapse of the real estate market, they are giving the benefits back to today’s home buyers with a lower premium.

This allows for buyers, especially first time homebuyers, to qualify for more! The lowered amount equates to about $40 savings or in an increase in purchase price of about $6,000 for every $100,000 financed.

Rates are still near historical lows, home prices are still near the bottom and are on a upward trend, and credit guidelines are starting to loosen again. People are asking when is the time to buy and NOW is the answer for all the above mentioned.

Info provided to me by Aaron Thompson Legacy Mortgage

Coldwell Banker Legacy Realtors (505) 292-8900 8200 Carmel NE Ste. 103A Albuquerque, NM 87122