Month: May 2020
Are you stressed out from debt? See below how we saved some clients $1,156.00 a month by refinancing and consolidating their debt
Monthly payment: $1,785.00
|New Mortgage Balance: $500,000.00|
|Credit Card Debt: $16,000.00
Monthly payment: $480.00
|New Monthly payment: $1,959.00|
|Car Loan: $18,000.00
Monthly payment: $370.00
|SAVINGS per month: $1,156.00|
|Line of Credit: $24,000.00
Monthly payment: $480.00
|This would give you a cushion leaving some cash left over in these unprecedented times|
|Total Debt: $483,000.00|
|Total Monthly Payments: $3,115.00||NEW MONTHLY PAYMENT: $1,959.00|
Current mortgage terms estimated at 2.99+% with 30 year amortization and minimum monthly credit and loan payments made
Current mortgage terms estimated at 2.45% with 30 year amortization OAC
Did you know that most lenders have a “sliding scale” for purchases that are over 1.25 million dollars??
Most of our buyers believe that if you are purchasing over 1 million dollars you need 20% down… Which is true, until you hit the 1.25 million dollar mark. At that point you will have to put more than 20% down. The sliding scale differs with each lender, but the majority of them will lend up to 80% of the first 1.25 million and then up to 50-60% of the price above 1.25 million.
For example: You are purchasing a home for 1.6 million dollars. The down payment required would be $425,000.
$1,250,000 x 20% down payment = $250,000
$350,000 x 50% down payment = $175,000
Total = $425,000
If you are looking within that price range, contact us!!
We have noticed that the market is picking back up and almost as hot as this weather we are having! With that being said we wanted to provide you with a “how to” and a step by step process to obtain a mortgage approval:
- First step is to take a Mortgage Application – we can do this over the phone or we have a secure online application
- Upon receipt of application, we will contact you “the client” by phone and go over all of the details and your goals
- Request documentation – Lenders are requiring this upfront before issuing approval or working on your application
- Documents can be uploaded to our secure client portal or emailed to us directly
- Files are generally approved by most lenders in 24-72 hours, lender dependent
- Once Approval is received then we will send the details over to you to review
- Appraisal will be required in most cases. If down payment is less than 20% then NO appraisal is needed (Appraisals are taking place about 2-3 days after they are ordered)
- Documents are then drafted and sent over to you to sign electronically. We will schedule a phone call or Zoom meeting to go over all details of the mortgage with you
- Once signed documents are received they will be sent back to the lender
- Update from lender approving and signing off on all conditions
- We need to know which lawyer or notary you wish to work with for completion
- We continue to monitor rates on your behalf to ensure you are obtaining the best rate right up until your mortgages closes
- We will verify all details with the lawyer/notary prior to your signing appointment with them
- Your mortgage funds!
We continue to monitor your mortgage for you, if you have any changes… for example: you want to change the frequency or put a lump sum down, increase the amount you are paying, find out how much you owe – we can do all of this for you! Each year on your mortgage anniversary we do something called an annual mortgage review where we make sure you still have the best rate out there. If we think we can save you money, we absolutely will!
Contact us at the office to have us fully look after your mortgage and obtain 5 star service!