Inlanta Mortgage Named Top Mortgage Company By National Mortgage News

Inlanta Mortgage Named Top Mortgage Company By National Mortgage News

Inlanta Mortgage is kicking off 2019 in a big way!

Just announced at the start of the New Year, Inlanta has been recognized as a top 20 mortgage companies to work for 2019 by National Mortgage News.

The company was pleased to receive news of the award following a survey program sent via National Mortgage News to all Inlanta employees encouraging feedback regarding the company’s culture, benefits, policies, and more.

“This is a testament to our incredible employees and how they do business every day,” said Paul Buege, Inlanta President/COO. “We are so honored for this recognition and grateful to our employees for making this happen through their hard work, dedication, and commitment to delivering an exceptional customer experience every day.  We are one of the best mortgage lenders in our industry, wonderful seeing our company-wide success being recognized on a national level”

As a top mortgage lender, we consistently strive to invest time and resources into our Managers and Loan Officers to help increase sales, grow business, and build relationships year after year.

If you’re looking for a company with solid tenure, strong support, and outstanding culture, we’d love to talk to you about your 2019 goals today!

Please click here to visit our website to fill out a form for us to contact you or, you may contact our branch recruitment division at 262-439-4260 or email partners@inlanta.com.

We are looking to grow with you!

Check out our latest company reviews on SocialSurveyGlassdoor, and Indeed.

PMI vs. MIP – What’s the Difference?

It’s no secret that purchasing a home, especially for the very first time, can feel overwhelming and intimidating. With all of the mortgage and real estate lingo, and the sometimes-overwhelming processes and procedures, it’s no wonder buyers often find themselves confused and with lots of questions. One of the most common ones we hear is, “What is mortgage insurance, and why do I need it?”

What is Mortgage Insurance

Mortgage insurance is typically required of home buyers when their down payments are less than 20 percent for their home loans. Note that mortgage insurance is designed to help protect lenders and guarantee agencies when borrowers don’t have enough equity in their homes, and is not intended to protect the borrowers. There are two types of mortgage insurance – PMI & MIP.

PMI & MIP

Although the concept of insurance protection is similar, there are distinct differences between private mortgage insurance (PMI) and FHA mortgage insurance premiums (MIP) that should be considered when deciding which loan program best suits your financial needs.

PMI, provided by private companies, is typically available in a variety of premium plans and offers payment options that can usually be tailored to the borrower’s needs. There are a number of private mortgage insurance providers and each structure their offerings a bit differently.

MIP is the government-administered mortgage insurance program for the FHA. Since FHA loans offer reduced down payment options, MIP is required to offset the risk of borrowers defaulting on their loans.

Major Differences Between MIP & PMI

Major differences between these insurance programs include:

  • No upfront mortgage premium required with PMI, while an upfront MIP is required
  • Cancellation
    • PMI can be canceled after a stated LTV (loan-to-value) is achieved and favorable payment history has been established
    • MIP is paid for the life of the loan regardless of LTV. In order to remove MIP, borrowers must refinance their FHA mortgage loans, and meet minimum down payment and credit requirements

Contact an Inlanta Mortgage loan professional to discuss your options and ensure that you select the program that is right for you! Click here to find a licensed mortgage loan professional near you or apply online today.

Benefits of Rate Locking Before Home Shopping

Benefits of Rate Locking Before Home Shopping

Is a new home on your Christmas list this year? Then consider locking your interest rate before you start shopping and take the time you need to find just the right home for you and your family!

Here’s why:

Eliminates Rates Change Anxiety – With mortgage rates changing almost daily, locking your interest rate at the right time can make all the difference in where your final monthly mortgage payment ends up. If you’re on a tight budget, then even the smallest rate increase could mean a potential problem in keeping your mortgage payment within budget. With the Inlanta’s Lock and Shop program, you can better plan your budget and help keep your finances in check by knowing what your interest rate will be before you find your home.

Have the Upper Hand – Once you’ve found your dream home, there’s a good chance in today’s competitive market that you’ll be competing with other buyers.  To win the deal, you can set yourself apart from other buyers with a rate lock and a fully underwritten pre-approval that shows you’re not only ready to buy, but you’re more likely to close and the home buying process will be expedited.

Gain Peace of Mind – The home buying process can feel overwhelming at times. Give yourself some peace of mind by locking in your rate and getting pre-approved before you even begin your home search. A rate lock eliminates potential delays in closing caused by waiting for lenders to prepare, document, and evaluate your loan application. During that time, the cost of your mortgage could increase and create unexpected complications.­­­

NO Fees! – If you’re worried about how much it will cost you to take advantage of Inlanta’s Lock and Shop program, you’re in luck! Our program offers no fees to lock and hold your rate so you can save your money for more important things – like your down payment or furniture for your new home.

Wondering if you qualify for Inlanta’s Lock and Shop Program?  Features and eligibility requirements include:

  • No property address at time of lock
  • Fixed purchase mortgage only
  • Minimum FICO score of 680
  • 72-day lock period, *extension limits apply
  • One-time only rate renegotiation when property is selected

To learn how the Lock and Shop program could make your holiday dreams of new home ownership come true, speak to one of our expert loan officers in your area or apply today.

*Lock extensions are limited to no more than 30 days past the original 72-day expiration. . Restrictions apply on locked loan amount changing and product locked cannot be changed without voiding price protection. The loan must be conventional, FHA, USDA, or VA and carry a fixed rate. The final loan amount cannot vary by more than 20% of the original lock protected loan amount. The loan program may not be changed without voiding the rate lock protection. If a property is not found within lock period, the lock is cancelled.

Here’s What You Need to Know About Gift Funds

What You Need to Know About Gift Funds

It’s the holiday season and we’ve all got presents on the brain. Some gifts, however, don’t come from a store and can help us with one of the biggest purchases we’ll make in our lifetimes – a new home.

For first time homebuyers, coming up with a down payment is often one of their greatest barriers to homeownership. But did you now that you can leverage “gift funds” to help with your down payment?

What Are Gift Funds

Gift funds are simply contributions from other parties, such as family members, to be used for a down payment or to help cover closing costs, with no expectation of repayment by the borrower.

For most loans, generally acceptable gift donors include your family members by blood or marriage (closely related in most cases – mother, father, aunt, uncle, grandparent, spouse, etc.), fiancés, employers, charitable organizations, or government entities.

But the FHA (Federal Housing Administration) also allows gifts to come from a close friend with a clearly defined and documented interest in you, the borrower.  This means that someone with a long-standing or close relationship with you, such as an ex-step-parent that truly continues to think of themselves as a parent of a child.

How Do Gift Funds Work?

When you’re using gift funds, there’s mandatory documentation required to ensure the funds meet the approved criteria. In these cases, you can count on your mortgage company’s underwriting team to ensure there is proper documentation for the gift funds to document that adhere to the requirements.

Here’s how it works: It’s acceptable for the gift donor to borrow funds to gift to the borrower, as long as they’re not borrowed from an interested party to the transaction (seller, builder, realtor, lender, etc.).  Cash is not an acceptable method of giving gift funds as underwriters cannot document the source of the funds as coming from the gift donor.

Additional gift options can include gifts of equity, which occurs when a borrower is related to the seller of a property that they’e purchasing. In this case the seller, may choose to give a gift of equity to the borrower to reduce the amount of funds the borrower needs to have available for down payment/closing costs.

Gifts cannot be used to meet reserve requirements that may apply to the loan. For conventional loans, gifts are allowed for either owner occupied properties or second homes.  They are not eligible for investment properties.

For some loan types, the borrower might be required to bring a certain amount of their own funds to the loan in order to qualify (minimum borrower contribution).

Contact Us

If a new home is on your holiday wish list and you’re seeking down payment assistance, receiving a gift may help give you just what you need to achieve the home of your dreams.

Contact us today if you’d like to learn more about down payment assistance programs or to discuss which type of loan is right for you and your financial situation.

Simple Ways to Get Involved in Your Community

Simple Ways to Get Involved in Your Community

With the holiday’s right around the corner, it’s a good time to take a moment and reflect on the good we have in our lives. Most likely, we all can think of something that we’re grateful for, such as our family, our friends, or even our pets. During the holiday season, there’s no better way to express your gratitude than to get involved with your local communities in one of these 5 simple ways:

  1. Shop Local

Planning a shopping trip? Take a break from the big box stores and take your shopping lists to your favorite local shops which are likely owned by someone in your own community. Reminder – the Saturday after Thanksgiving, otherwise known as “Small Business Saturday,” marks the annual shopping tradition that supports these small, locally owned businesses and celebrate communities everywhere. So, grab a friend or family member and enjoy discovering your own local treasures!

  1. Become A Sponsor

Whether you have a student-athlete in your home or not, chances are you know someone who does. One great way to give back to your community that involves very little time and investment is to become a sponsor for a local sports team. Are the Arts more your scene? Sponsor your high school or community theatre’s upcoming production. Whatever your passion, there are local organizations and events that need your financial support.

  1. Volunteer

Volunteerism is a great way to put your passion into action, and feel great doing it. While time and a little internet research can uncover a variety of volunteer opportunities, you can narrow down your list by selecting an organization that needs volunteers with your skillset, or by choosing an organization that supports a cause you care about.

  1. Get to Work

Help build a better community by rolling up your sleeves and putting yourself to work! If you are physically able, why not use your time and energy to get involved in construction projects in your community? Try getting your hands dirty in a community garden, grabbing a hard hat to help build a home, or channeling your inner artist to help paint a mural.

  1. Talk to Your Employer

Employee volunteerism is important to many companies and organizations, so consider contacting your own HR department to find out ways your employer is involved with your local community. Some employers even offer incentives for volunteering on your own time, or even allow you to volunteer on their clock.

Our Favorite Ways to Give Back

Here at Inlanta Mortgage, giving back to our local community is an integral part of our culture and is ingrained in our mission and vision. In fact, Inlanta contributes to our communities year-round! Some of our favorite non-profit organizations include the Cancer Research Institute, the Lombardi Walk/Run to Tackle Cancer, the American Red Crossthe Bryon Riesch Paralysis Foundation, the United Performing Arts Fund, the local Pewaukee Food Pantry, and more. This year, we’ve partnered with Pets for Vets, an organization that pairs returning vets with shelter dogs, and are making a donation to their organization with every loan closing through the end of the year.