Buying Your First Home?

Buying-Your-First-Home

Are you buying your first home? Here are some things to keep in mind as you embark on the home buying journey.

How Much Can You Comfortably Afford?

The pre-approval process, which involves asset and income verification & credit check, will let you know what you qualify for. What you qualify for and how much you decide to spend are two different numbers. Think about what you are comfortable paying each month and consider any expenses that will come with home ownership (maintenance, etc.). Once you’ve determined what you are comfortable paying, you can focus on homes within your price range.

What Kind of Property Do You Really Want?

Single family, multi-family, condo, co-op, Victorian, Colonial, Cape, split, ranch, cottage, cabin, teepee…home types and legal distinctions are plentiful.  Are you looking to purchase in a specific neighborhood, city or school district? Do you need 3 bedrooms or more? How many bathrooms do you require and is a garage necessary? Narrowing your search will save time and help you to act faster when your perfect home hits the market. An experienced Realtor will take your home amenity wish list, location desire, and price range into consideration when selecting homes to show you.

Where Do You Want to Be and How Long Will You Be There?

You’ll want to strike a balance between buying what you can afford and buying what will accommodate your needs for longer than just the first few years. Assess your plans for growing your family and how your income might grow to match. Planning ahead is especially important in today’s market, when trading up tomorrow may mean both a more expensive home and a higher mortgage rate.

How Does the Process Work?

This is a time when the internet doesn’t have all the answers. The process can vary for many reasons. Generally, the purchase process includes the following:  mortgage pre-approval, offer to purchase, offer acceptance, home inspection, contract, loan application, home appraisal, title review, loan approval/underwriting, then closing/funding, and moving in. Many little steps can fall in between, and the process won’t always occur in a given order.  Find a loan officer near you and who will help you understand the nuances of your market today.

How Much Cash Will You Need To Close?

This information will vary from person to person and is dependent upon a variety of factors. Your loan officer will provide a Good Faith Estimate (GFE) early in the loan process which includes an estimate of closing costs. Before your loan closing you will receive a Settlement Statement (referred to as the HUD-1), which will detail the final closing costs. Note: On October 3rd, the CFPB will require lenders to use different forms. Visit inlanta.com/TRID to learn more about the Loan Estimate and Closing Disclosure (which will replace the GFE and HUD-1).

Ready to Begin the Home Buying Process?

Getting pre-approved for a mortgage loan is your first step! Complete an application online today and we will connect you with a loan officer in your area.

About Inlanta Mortgage

Headquartered in Brookfield, Wisconsin, Inlanta Mortgage is a growing mortgage banking firm committed to quality mortgage lending, ethical operations and strong customer service.

Our mission is to be the home financing partner that you trust to serve your family, friends and community. Through our family of dedicated mortgage professionals our commitment is to deliver an exceptional experience. Our unwavering dedication to integrity, honesty and ethics is the foundation of all of our relationships.

Inlanta Mortgage offers Fannie Mae/Freddie Mac agency products, as well as a full suite of jumbo and portfolio programs. The company is an agency approved lender for Freddie Mac and Fannie Mae, FHA/VA, FHA 203K and USDA. Inlanta Mortgage also offers numerous state bond agency programs. Review Inlanta’s mortgage loan programs.

Inlanta Mortgage was recently named a Top Workplace for a third time in 2015. Inlanta has also received the Platinum Million Dollar USDA Lender Award and has been recognized as a Top Mortgage Employer by National Mortgage Professional and a Top 100 Mortgage Banking Company and 100 Best Mortgage Companies to Work For by Mortgage Executive Magazine.

Inlanta Mortgage, Inc. NMLS #1016

Mortgage Rates Move Down

Mortgage Rates Moving Lower
 

Mortgage Rates Move Down

Freddie Mac released the results of its Primary Mortgage Market Survey® (PMMS®), showing fixed mortgage rates moving down with the average 30-year fixed mortgage rate ducking just under four percent.

30-Year Fixed Rate Mortgages

According to Freddie Mac’s Primary Mortgage Market Survey® (PMMS®) average 30-year fixed rate mortgages averaged 3.98 percent, down from last week when it averaged 4.04 percent. A year ago at this time, the 30-year FRM averaged 4.12 percent.

15-Year Fixed Rate Mortgages

The average 15-year fixed rate mortgage averaged 3.17 percent, down from last week when it averaged 3.21 percent. A year ago at this time, the 15-year FRM averaged 3.23 percent.

5-Year Adjustable Rate Mortgages

The average five-year Treasury-indexed hybrid adjustable rate mortgage (ARM) averaged 2.95 percent, down from last week when it averaged 2.97 percent. A year ago, the 5-year ARM averaged 3.01 percent.

1-Year Adjustable Rate Mortgages

The average one-year Treasury-indexed ARM is at 2.52 percent, down from last week when it averaged 2.54 percent. At this time last year, the 1-year ARM averaged 2.38 percent.

Contact a licensed mortgage loan professional to take advantage of mortgage rates while they are still historically low. Find a loan officer near you or apply online for a mortgage loan and we will redirect your application to a qualified loan professional near you.

Attributed to Sean Becketti, chief economist, Freddie Mac:

“Monday’s 8 percent decline in Chinese stock prices triggered similar — though smaller — sell-offs in global equity markets. The associated flight to quality drove U.S. Treasury yields down nearly 5 basis points. Accordingly, 30-year fixed-rate mortgages fell 6 basis points to 3.98 percent. The mortgage rate has bounced between 3.98 and 4.09 percent since the first full week of June, falling a bit when events overseas take a turn for the worse and rising when the clouds appear ready to part. With no clear direction coming from the Fed this afternoon, we expect more of the same in coming weeks.

“Recent housing data exhibited the same good news/bad news pattern as overseas developments. Coming into this week, existing home sales for June and the latest FHFA house price measures both suggested a stronger tone in the housing market. However this week brought nothing but bad — or at least weaker-than-expected — news. New homes sales [PDF] and pending home sales both weakened and the Case-Shiller house price indices [PDF], while positive, fell below the lower end of expectations. Finally, the inadvertent release of Fed staff projections increased uncertainty over the timing of future Fed rate moves.”

Original Source: Freddie Mac interest rates listed above are national averages as reported by Freddie Mac. Individual interest rates are dependent upon credit approval and may include points. Average mortgage points are also reported in Freddie Mac’s Primary Mortgage Market Survey. Other mortgage financing fees may apply. Contact your lender for detailed information.

Our Mission Statement

Our mission is to be the home financing partner that you trust to serve your family, friends and community. Through our family of dedicated mortgage professionals, our commitment is to deliver an exceptional experience. Our unwavering dedication to integrity, honesty and ethics is the foundation of all of our relationships.

About Inlanta Mortgage

Headquartered in Brookfield, Wisconsin, Inlanta Mortgage is a growing mortgage banking firm committed to quality mortgage lending, ethical operations and strong customer service.

Inlanta Mortgage offers Fannie Mae/Freddie Mac agency products, as well as a full suite of jumbo and portfolio programs. The company is an agency approved lender for Freddie Mac and Fannie Mae, FHA/VA, FHA 203K and USDA. Inlanta Mortgage also offers numerous state bond agency programs. Review Inlanta’s mortgage loan programs.

Inlanta Mortgage was recently named a Top Workplace for a third time in 2015. Inlanta has also received the Platinum Million Dollar USDA Lender Award and has been recognized as a Top Mortgage Employer by National Mortgage Professional and a Top 100 Mortgage Banking Company and 100 Best Mortgage Companies to Work For by Mortgage Executive Magazine.

Inlanta Mortgage, Inc. NMLS #1016

Should You Opt Out of Credit Offers?

Credit-Offers-Opt-Out

Where Do Pre-Approved Credit Card Offers Come From?

Consumer credit reporting companies, like Experian, Equifax and TransUnion, allow companies to pull lists of individuals meeting specific credit criteria to send pre-approved or pre-screened offers of credit or insurance (referred to as “Firm Offers”).

Benefits of Receiving Firm Offers (Pre-Approved Credit Offers)

According to the official Consumer Credit Reporting Industry website that processes requests from consumers to Opt-In or Opt-Out of firm offers of credit or insurance, there are benefits to allowing firm offers:

  • Consumers are provided with product choices
  • Consumers learn about and have an opportunity to take advantage of offers that may not be available to the general public
  • Firm offers help consumers to “comparison shop”, which may increase a consumer’s buying power.

In fact, there is an entire PDF focusing on the benefits of continuing to allow unsolicited credit offers. Click here to view the PDF.

Put an End to Unsolicited Credit Offers

If you feel the benefits of receiving pre-approved credit or insurance offers do not outweigh the risks – you are not alone. Many people feel that it’s far too easy for identity thieves to steal your mail or your garbage and use a pre-screened credit card offer to obtain credit in your name. Visit optoutpresecreen.com to opt out from receiving firm offers. You can always choose to opt-in again at a later time.

What are Trigger Leads?

Want another reason to opt-out? If you are in the process of buying or refinancing a home, once your credit has been pulled for a mortgage application (as required), the credit agencies actually sell this information to “trigger lead” companies. They sell the fact that you are contemplating a home purchase or refinance. This has nothing to do with the mortgage company you are applying with. Once your information is sold, you can find your phone ringing regularly even if you’re on the “Do Not Call” list. Worse still, the companies that resort to purchasing these trigger leads have been known to misrepresent themselves or engage in bait and switch tactics. Use of trigger leads is not permitted at Inlanta Mortgage.

Trigger leads get re-sold many times over. Some of the less savory characters that purchase trigger leads might contact you under the guise of being your lender and try to extract important personal information. For safety’s sake, NEVER provide your social security number or mother’s maiden name over the phone. Want to do more? Tell your Congressional representatives at (202) 224-3121 to stop the credit agencies from selling your information.

Assure Your Security and Peace of Mind

Fraud and identity theft are not things you want to face at any time. Identify theft can take a long time to resolve. Opting out of pre-approved offers is free and only takes a couple of minutes. That’s far less than the time you could spend shredding unwanted mail, dealing with unwanted calls, or trying to come back from identity theft.

Go to www.optoutprescreen.com to opt out today.

If you believe you may have already been targeted or defrauded, contact the Federal Trade Commission at 1 (877) 382-4357.

Choose a Mortgage Company You Can Trust

Not every mortgage company relies on shady tactics to earn business. Inlanta Mortgage relies on relationships and referrals. The majority of our customers are referred to us from Realtors or past customers. If you or someone you know is considering a home purchase or refinance, visit our mortgage application page to apply right away or use our branch locator to find a loan officer near you.

About Inlanta Mortgage

Headquartered in Brookfield, Wisconsin, Inlanta Mortgage is a growing mortgage banking firm committed to quality mortgage lending, ethical operations and strong customer service.

Our mission is to be the home financing partner that you trust to serve your family, friends and community. Through our family of dedicated mortgage professionals our commitment is to deliver an exceptional experience. Our unwavering dedication to integrity, honesty and ethics is the foundation of all of our relationships.

Inlanta Mortgage offers Fannie Mae/Freddie Mac agency products, as well as a full suite of jumbo and portfolio programs. The company is an agency approved lender for Freddie Mac and Fannie Mae, FHA/VA, FHA 203K and USDA. Inlanta Mortgage also offers numerous state bond agency programs. Review Inlanta’s mortgage loan programs.

Inlanta Mortgage was recently named a Top Workplace for a third time in 2015. Inlanta has also received the Platinum Million Dollar USDA Lender Award and has been recognized as a Top Mortgage Employer by National Mortgage Professional and a Top 100 Mortgage Banking Company and 100 Best Mortgage Companies to Work For by Mortgage Executive Magazine.

Inlanta Mortgage, Inc. NMLS #1016

Do I Need a Home Inspection?

Do-I-Need-a-Home-Inspection

Do I Need a Home Inspection?

Our customers often asked if a home inspection is required. The answer is usually no, but that doesn’t mean you shouldn’t have one done. A home purchase is a big investment. Having a professional inspector alert you to potential problems can save money and surprises in the long run.

Save Time and Money with Home Inspection

There are other reasons to have a home inspection, too. If the the home appraiser sees an apparent deficiency in the condition of the home, an underwriter may ask to see the related section of the home inspection (sometimes called the engineer’s report). In this instance, having secured an inspection up front can save you valuable time. Additionally, identifying problems early in the process may mean the seller will remedy them prior to sale.

Purchasing a home with the assurance of good condition—or at the least the knowledge of any potential issues—makes for more accurate pricing and cost expectations. Both of these are clearly to your benefit. By comparison, the cost of an inspection is small.

Contact a licensed Inlanta Mortgage loan officer if you have any questions about appraisals! Find a loan officer near you using our branch locator.

Ready to become a home owner? Apply Now!

About Inlanta Mortgage

Headquartered in Brookfield, Wisconsin, Inlanta Mortgage is a growing mortgage banking firm committed to quality mortgage lending, ethical operations and strong customer service.

Inlanta Mortgage offers Fannie Mae/Freddie Mac agency products, as well as a full suite of jumbo and portfolio programs. The company is an agency approved lender for Freddie Mac and Fannie Mae, FHA/VA, FHA 203K and USDA. Inlanta Mortgage also offers numerous state bond agency programs. Review Inlanta’s mortgage loan programs.

Inlanta Mortgage was recently named a Top Workplace for a third time in 2015. Inlanta has also received the Platinum Million Dollar USDA Lender Award and has been recognized as a Top Mortgage Employer by National Mortgage Professional and a Top 100 Mortgage Banking Company and 100 Best Mortgage Companies to Work For by Mortgage Executive Magazine.

Inlanta Mortgage, Inc. NMLS #1016

Making Sense of Home Appraisals

Home-Appraisal

What is a Home Appraisal?

A home appraisal is a professional’s unbiased opinion on the value a home. A home appraisal is almost always needed in purchase and sale transactions to determine if a home’s contract price is appropriate. In a refinance, lenders use home appraisals to ensure they are not giving a borrower more money than a home is worth.

Home Appraisal Factors

Many factors go into calculating a home’s value during a home appraisal. Most importantly, recently sold comparable properties, known as or “Comps”, must be considered. Comps should be similar in location, size, style, room count, condition, utility, etc.The theory behind comps is that your home is worth whatever others would be willing to pay for it – and the best way to determine how much people are willing to pay is by discovering how much they’ve paid for similar homes (or comps).

Art of Home Appraisals

Appraisal is part art and part science, and the latter is hard to change. Sometimes, the hardest thing for home owners is to be objective about their own homes. Always realize the appraiser is limited to the true comps available, and those comps will not always support the value you may expect.

To influence the “art” part of the equation, keep your home in good condition. Present your home for appraisal as you would for sale. Prepare written information regarding improvements, and offer an extra copy for your appraiser to keep. Be punctual, courteous and respectful, and your appraiser will the best that can be done.

Questions on Home Appraisals?

If you have a question about home appraisals, please contact one of our licensed Inlanta Mortgage loan officers using our branch locator.  If you are ready to begin the home buying journey apply directly with a loan officer near you  or Apply Online now and we will connect you to a licensed mortgage professional in your area.

About Inlanta Mortgage

Headquartered in Brookfield, Wisconsin, Inlanta Mortgage is a growing mortgage banking firm committed to quality mortgage lending, ethical operations and strong customer service.

Inlanta Mortgage offers Fannie Mae/Freddie Mac agency products, as well as a full suite of jumbo and portfolio programs. The company is an agency approved lender for Freddie Mac and Fannie Mae, FHA/VA, FHA 203K and USDA. Inlanta Mortgage also offers numerous state bond agency programs. Review Inlanta’s mortgage loan programs.

Inlanta Mortgage was recently named a Top Workplace for a third time in 2015. Inlanta has also received the Platinum Million Dollar USDA Lender Award and has been recognized as a Top Mortgage Employer by National Mortgage Professional and a Top 100 Mortgage Banking Company and 100 Best Mortgage Companies to Work For by Mortgage Executive Magazine.

Inlanta Mortgage, Inc. NMLS #1016