Preparing Financially for the Mortgage Process

Purchasing a home is exciting and adventurous. Home buyers, particularly first-time home buyers, typically don’t know a lot about the process of financing a home. To avoid making mistakes, you need to know what you should expect. It is important to consider the state of your credit, the additional costs besides just the down payment, and the important questions dealing with the future.

 

The Credit Aspect

Your credit score is one of the first things a lender will look at when you apply for a mortgage. To cut through all that confusion, here are five tips you can act on right now:

  • Check your credit reports for free once a year through the three credit bureaus: Equifax, Experian, and TransUnion. Why all three? Because the information in each of the three bureaus’ reports can differ. If one or all of the reports include mistakes, your credit score may be negatively affected, and you may need to address the errors before going house shopping.
  • Be strategic with credit card use. The percentage of your credit limit that you use every month can affect your score. Make sure your balance doesn’t come too close to your limit.
  • The simplest and most important tip? Pay off your balance each month. To maintain a healthy score, pay off the balance before the due date. Anything after 30 days past the due date can spell very bad news for your score.
  • Be consistent. Good credit behavior over the long term will keep your score high.
  • Don’t take on more credit. If you apply for several different credit cards, you’re sending a message that you may have maxed out your other accounts

 

Save enough for the down payment and other additional fees

You should plan to make a down payment of 3.5% – 5% at the very least when you are determining affordability. It is important to consider that down payments are not the only costs associated with the purchase of a home. Your lender should be able to provide you with a breakdown of your costs that you will be paying upfront and on a monthly basis. Here are some basic tips to help you save for the costs associated with buying a home:

  • Start a budget: Making a budget allows you to see your expenses, how much money is coming in, and what is left over to save or pay off debts. When you have a savings goal it, helps prioritize your money by eliminating or cutting down on unnecessary expenses.
  • Automate: Once you have created a budget and figured out how much you can comfortably save each month or paycheck, set up a specific amount or percentage of your paycheck to go to savings automatically. For some, it helps to open up an entirely separate savings account for their home’s down payment and expenses. This method allows you to see how much you are saving specifically for the home buying process and keeps you from accidentally spending this money on something other than your new home.
  • Increase your income: If you are worried about cutting back expenses, or just want to save for your down payment faster, consider finding ways to increase your income. Some ideas include working overtime, getting a second job, or finding alternative ways to making money such as selling items online.
  • Save any unexpected money: When you get a large sum of money, such as a bonus or your tax refund, itis all too easy to take on the extra cash and purchase that one expensive thing you’ve had your eye on for months. Instead of going on a shopping spree, take that money and put it into your savings right away to help you achieve your dream of homeownership sooner.

 

Affordability now and in the future

Regardless of the level of income you have today, you need to figure out what the future may hold before you sign on the dotted line. For example, if you’re planning to have kids sometime down the road, how will these happy additions impact your family income? What effect will job changes have on your current income level? And have you planned for monthly payments into your rainy day savings account?

Everyone who looks to buy a home will have a payment amount that is affordable today, but in the face of your answers to the questions above, will that number still work for you down the road? These are some questions to consider as you think about homeownership.

 

Feel free to talk with a loan officer in your area to determine if homeownership is the right path for you!

5 Ways to Love Your Home

5 Ways to Love Your Home

So, you’ve found your dream home – or at least the one with the potential to be your dream home. However, you may be feeling like something is “missing” or that your house just doesn’t feel like a home yet. Like any good relationship, the feelings you have about your home will ebb and flow, but you don’t have to abandon ship if you’re not feeling the love right now! We’ve put together a list of 5 ways you can put some love back into your home and fall in love with it all over again.

 

Make it personal.

Display photos of your favorite memories with family, friends, and/or your significant other. Paint an accent wall in your favorite color, or use that color in your accessories. Create an art gallery to display your kids’ artwork in a creative fashion. Showcase your Star Wars lightsaber collection (or any of your other favorite collectibles). Whatever makes you, you, give it its own special place in your home where you will see it regularly. Adding a personal touch goes a long way in making your home feel like your own.

 

Add natural beauty.

Buy a plant or flowers to add a touch of nature to your home.  Many living plants are air purifiers, bringing an actual breath of fresh air into your home. Don’t have a green thumb? These plants are low maintenance and air purifying (win-win)! Plants and flowers also boost your mood when you see them, which can be especially helpful during the cold and dreary winter months and you’re dreaming about spring & summer (Wisconsin, we’re looking at you!) Simply indulging in the occasional flower bouquet from your local grocery store can make you, and your home, feel special.

 

Create a Zen area.

Create an area in your home that is dedicated to peace and relaxation. Whether it’s a special reading nook for you to cozy up with your favorite book in or a space dedicated to meditation, prayer, or yoga, find a place in your home (or your garden) where you can retreat when you need time to re-connect with yourself and re-focus your mind.

 

Clean, de-clutter, and organize.

Seeing a mess can stress you out, so keeping your home clean, organized, and de-cluttered can help you enjoy your home more. Take some time to de-clutter and organize your house. Before you purchase any new items, find 10 items and either donate (if they’re in good condition) or throw them away (if they’re broken). Purchase some inexpensive storage containers at the Dollar Store or your local thrift shop. You can even turn cleaning and de-cluttering into a game: set a timer for 10 minutes and see how much you can de-clutter and organize before the timer runs out. If you live with someone, challenge each other to get the most cleaned and organized before the timer runs out – winner gets to decide what the reward is!

 

Have an attitude of gratitude.

It can be easy to focus on all of the areas that your home lacks – maybe it’s a fixer-upper and you haven’t been able to make those improvements yet (if you need financing, we can help). Or, perhaps it’s a little on the small side, needs more bathrooms, or the décor doesn’t reflect your style yet. While making sure your home fits your needs and tastes is important, you likely chose the home for a specific reason. Take time to remember the reasons you said “yes” to this home in the first place. If you look closely, you will find that there is plenty to be grateful for (like the fact that you own a house! Many people haven’t achieved that dream yet). Practice gratitude and give thanks for all that your house has been able to provide you. When you count your blessings instead of your shortcomings, you instantly feel happier and more satisfied.

 

 

FHA and VA Increase Loan Limits for 2017

fha_va

FHA and VA increase loan limits for 2017

 

Last week, we announced the news that the FHFA increased conforming loan limits. As a result, the Federal Housing Administration (FHA) and Department of Veteran Affairs (VA) have also increased the limits for FHA loans and VA loans, respectively.

FHA loan limits have increased from $271,050 to $275,665. These new loan limits apply to FHA-insured loans that have an application date of January 1, 2017 or later.
VA loan limits will follow the new limits set for Fannie Mae and Freddie Mac conforming loans. The VA will use these limits to determine how much of the loan they will guaranty and how much an eligible veteran can borrow without requiring a down payment. Veterans should consult their loan officer for further details. You can also visit the Department of Veteran Affairs website for additional information about VA home loans.

A loan limits will follow the new limits set for Fannie Mae and Freddie Mac conforming loans. The VA will use these limits to determine how much of the loan they will guaranty and how much an eligible veteran can borrow without requiring a down payment. Veterans should consult their loan officer for further details. You can also visit the Department of Veteran Affairs website for additional information about VA home loans.

If you are looking to buy a home in 2017, this is excellent news for you! With rising home prices and the market’s return to pre-recession growth, the loan limit increase signifies a growing market. Many homebuyers will now be able to afford larger homes or homes in more expensive areas with better loan terms. If you need help getting started on your home loan journey, check out our blog for more details on the home buying process, FHA loans, and VA loans.

 

 

USDA Rural Development

usda

USDA Rural Development

 

Achieving the dream of home-ownership could be more attainable than you have anticipated. If you are concerned about the affordability of purchasing a home, it is important to know you have options when it comes to loan programs. One popular government loan is USDA Rural Development.

The program was originally created to boost the development of land in more rural areas of
the country. Back when it was created, the USDA program’s sole purpose was to make rural living more achievable so that people who live in major cities could live within their means in the country, and ultimately help boost the economy in these areas as well. The program has grown significantly and is now able to help lower income families or individuals purchase homes in rural areas. We asked our very own Laura Leonhard, who is the #3 USDA lender in the nation, some common questions about this program. Here is what she had to say about USDA financing:

 

Q: What makes USDA different from other loan programs?

LL: USDA offers 100% financing. They also add in closing costs and any prepaid items. Another great bonus is that home repairs can be added to the loan as long as the appraised value comes in high enough.

 

Q: What are the benefits of going with USDA Loans?

LL: Many of the features that make USDA different are benefits of this loan program. Also, no money down, which is huge for some people. There is also reduced mortgage insurance premiums.

 

Q: What are the downfalls?

LL: The guarantee fee is a downfall to the USDA loan program, but that will be reduced this coming September!

 

Q: Is this program a good choice for first-time home buyers?

LL: Absolutely. With the no money down and many other great benefits, this would be perfect for first-time home buyers who may not have a lot of combined household income.

 

Q: What documentation is required when applying for USDA loans?

LL: The documentation requirements are the same as any other loan, unless there is a tougher credit situation. Then, there might be additional documentation required that will be disclosed by your loan officer.

 

Q: How do I know if I am eligible for USDA?

LL: A pre-approval will tell you if you are eligible for a USDA loan. You, as well as the location of the home you plan to buy, must be USDA eligible to qualify for this loan.  This loan program does have income limits for the county the home is located in as well as the number of people in the household.

 

Q: Do USDA loans exclusively go towards the purchase of a home?

LL: No, it can also go towards refinancing. However, you can only refinance with a USDA loan if your original home loan was also USDA.

 

Now that you know a little more about the USDA program, contact a loan officer near you to see if you, your family, and the house you want to purchase qualify. Let us help you make your dream of homeownership a reality!

 

 

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, Wis., Inlanta Mortgage was established in 1993. The company has grown to 35 branches in 16 states and over 240 employees. Inlanta Mortgage offers Fannie Mae/Freddie Mac agency products, as well as jumbo and portfolio programs. The company is an agency approved lender for Freddie Mac, Fannie Mae, FHA/VA, FHA 203K and USDA. Inlanta Mortgage also offers numerous state bond agency programs.

Inlanta Mortgage was recently named a Top Workplace for a third time in 2016. 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.

PARTNERSHIP OPPORTUNITIES

Inlanta Mortgage continues to expand its branch network and encourages ethical lending professionals to learn more about our support platform and discover how an Inlanta branch partnership with Inlanta Mortgage is essential to long-term success.

Locate an Inlanta Mortgage loan officer at www.inlanta.com/locations. For current employment opportunities, visit www.inlanta.com/join-our-team/employment-opportunities. Learn more about Inlanta Mortgage branch partnership opportunities at www.inlantapartners.com, call 262-439-4260, or email partners@inlanta.com.

Inlanta Mortgage, Inc. NMLS #1016.

Renting vs. Owning

rentvsownRenting Vs. Owning

 

Renting vs. Owning is one of the greatest debates consumers face. What are the pros and cons of each? Which option is cheaper? What is better for my current lifestyle? These are some of the questions renters face when trying to decide whether home-ownership is the right choice for them.

Contrary to popular belief, renting may not actually be cheaper than owning your own home. Rent prices are on the rise and starting to exceed the cost of a mortgage payment, and there are many other benefits to home-ownership that you may not have thought of, such as investment opportunity, tax deduction, stability, and freedom.

 

Investment Opportunity

Some people say investing in a home is risky; but with no risk, there is no reward. Studies conducted by the Federal Reserve have shown that owning can provide a net worth that is from several to hundreds of times higher than that of renters. When you own, improving your home increases its value. When you rent, improvements only increase value for your landlord. Ultimately, paying rent will only get you a roof over your head. There are virtually no benefits that paying rent offers beyond having a living space. Further, making mortgage payments on time helps build your equity and credit score.

 

Tax Deduction

Some people benefit from claiming deductions for mortgage interest and real estate taxes. Others find a standard deduction more valuable. Even if you exclude the tax benefit, the real cost of owning can still be less than renting.

 

Stability and Freedom

When you move into a home, it is something that is truly yours. You are free to decorate your environment as you please without worrying about restrictions from your landlord. By settling into a home, you will likely find yourself more involved in the community, whether that is through volunteering, participating in your home owners association, or simply establishing relationships with your neighbors. Renting is typically less stable than home-ownership and relationships with those around you tend to be avoided. Payments for a mortgage can be consistent with a fixed-rate mortgage, making the payment process easier.

 

So, with the cost of rent on the rise, finally taking that leap into home-ownership may be well within your means and could prove to be beneficial. Consult with a loan officer in your area today and we can answer any questions you may have!

If you are thinking about home-ownership, you may want to check out our blog on Inlanta’s Home Loan Roadmap.

 

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.

Submit the Perfect Home Loan Application

2

Submit the Perfect Home Loan Application

Knowing how to submit the perfect home loan application can help you start your homeownership journey off on the right foot. Here are some helpful tips to ensure a smooth loan process.

For a Smooth Process

An Inlanta Mortgage loan application is your first step to homeownership! No documentation is needed to submit a loan application, and you will not be required to provide it until you receive a Loan Estimate, but gathering required information now can expedite the loan approval process later. Required documentation will vary, but generally, here is what we will need:

YOUR EMPLOYMENT AND INCOME INFORMATION

  • 2 years employment history including job titles, dates of employment, employer’s address, and phone numbers
  • Letter of explanation of any changes in employment
  • Pay stubs for the most recent 30 days
  • Copies of W-2s for the last 2 years
  • Copies of federal, personal, and business tax returns for previous 2 tax years, including all W-2s, 1099s, K1s, and all schedules. If filing an extension, please provide extension

YOUR RESIDENCE INFORMATION

  • 2 years residence history, including addresses, dates, and phone number for landlord if renting
  • If you currently own a home, please provide the most recent mortgage statement
  • Name and phone number of your homeowners insurance agent

BANK & OTHER STATEMENTS

  • Most recent 2 months or quarterly bank statements for all checking, savings, and investment accounts (all pages, even if blank)
  • Most recent 2 months or quarterly 401K/Retirement statements (all pages, even if blank)
  • Copy of cancelled Earnest Money check when it clears your bank account, along with most recent bank statement showing check clearing
  • Non-payroll deposits—we will need to verify the source and receive explanation for non-payroll deposits to your accounts, including any transfers between accounts (make copy of any check you deposit)

IF APPLICABLE TO YOU, THE BELOW ITEMS MAY BE NEEDED

  • Complete divorce decree and/or separation papers
  • Alimony/child support income; proof of receipt may be required
  • Bankruptcy discharge papers (including filings, discharge, and list of creditors)
  • If receiving Retirement or Social Security income, award letter and proof of receipt may be required
  • If any portion of your down payment or closing costs is coming in the form of a gift, please call us, because the documentation required for gifts is fairly comprehensive
  • Once we pull your credit, we may need a signed letter of explanation and/or documentation for any inquiries and/or derogatory credit
  • VA loan: DD214 and Certificate of Eligibility

How to Submit the Documentation

We offer several ways to submit copies of your documentation, including fax, secure email, online chat session, and mobile uploads. To start your loan application, find your local Inlanta Mortgage loan officer or apply online today.

 

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.

Questions to Ask Your Loan Officer

Loan Officer with Couple

 

Questions to Ask Your Loan Officer

It’s easy to get nervous about something as big as applying for a mortgage. What is not so easy is putting our minds at ease if you’re in the middle of the process and things aren’t going the way you had thought they would. Here is a list of questions you can ask your loan officer before you begin the process to help you prepare for what’s ahead.

 

1. What are the steps and process for getting a loan approval?

To avoid any delays or surprises, be sure your loan officer takes the time to clearly explain the process and the steps from application to closing.

 

2. Interview your loan officer.

Be sure he or she is someone you trust and feel comfortable working with.  Ask about their experience with your loan type. Be sure you explore all the loan programs with your loan officer to determine that you are selecting the best choice for you.

 

3. What are the total fees / costs associated with the loan?

Borrowers pay fees at closing for services provided by the lender and other parties, such as title companies. Be sure you have a full understanding and a breakdown of all costs you will incur from application to closing. You should also be made aware of any out-of-pocket expenses you will have associated with the loan (i.e. appraisal fees, homeowners insurance, etc.)

  • Lenders may also charge discount or origination points. One point is equal to 1 percent of the loan amount. (i.e. on a $150,000 mortgage, one point would be a fee of $1,500 added to your closing costs.) Discount points reduce the interest rate or are used to buy the rate down. They are prepaid interest and are typically tax-deductible. Origination points are fees charged by the lender to cover the costs of originating the loan. Ask your loan officer if this will apply to you.

 

4. When can I lock the interest rate?

Interest rates can and do fluctuate. To prevent risking a higher rate, you can lock in your rate based on the market the day of locking. Locks are based on a set time frame, typically 30, 45, or 60 days.  Shorter term locks typically offer the best pricing.  Because the rates can change daily based on market, it is always your decision when to lock in your rate. Ask your loan officer about how you can lock in the best rate.

 

5. Is there a prepayment penalty on this loan?

Be sure you ask up front if your loan has a prepayment penalty.  Some lenders charge a penalty if you prepay on the mortgage. Some apply only when you refinance or reduce the principal balance by more than a certain percentage.

 

6. What is the minimum down payment required for this loan?

Be sure to explore your options regarding down payment.  The bigger down payment might mean a lower interest rate and better loan terms. With a down payment of less than 20 percent, you will likely have mortgage insurance (PMI) that will either increase your monthly payment or your rate.  By exploring your options you may also find that there is a program that will allow you to not have to make a down payment and keep those funds for reserves.

 

7. What documents will I have to provide?

Your loan officer should be able to provide you a list of required documents.  Understand the documents requested are required per federal lending guidelines and the sooner you provide those documents to your loan officer, the better they will be able to direct you.  Most Lenders require proof of income and assets, including bank statements, tax returns, W-2 statements and recent pay stubs.  More may be required based on your individual situation.

 

8. How long will it take to process my loan application?

There are a lot of moving parts to getting a mortgage from application to closing.  The timeframe can vary based on the type of loan program and all the parties involved responding to requests in a timely manner.  Purchase offers are typically written with closing dates anywhere from 30 to 60 days from accepted offer date.  As soon as you have an accepted offer, be sure you are notifying your loan officer right away to keep things rolling.  Your loan officer should be able to provide you an estimated time line along with frequent updates on status so you know you are on track for closing on time.

 

9. What can I do to ensure a timely closing?

Keeping your loan officer informed that you are writing an offer and provide updates until the offer is accepted.  Responding to your loan officer in a timely fashion is important. Asking what else you can do to keep the process moving along can help things go more smoothly.

 

10. What might delay approval of my loan?

Be sure you are up front with you loan officer, one of the things that can slow the process is when information is uncovered that was not known at the time of application.  If a job change, a decrease in salary, a new debt, a change in your credit history, or a change in marital status happens during the loan process, it is imperative that you communicate this with your loan officer as early in the process as possible so they can assist you in avoiding any delays.  The best way to avoid that is to put your financial life in a holding pattern until you reach the closing table.

 

Remember, you and your loan officer are on the same team, working together to get you into your new home as quickly and smoothly as possible.

 

 

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

Know Your Home Inspector

couple-with-home-inspector

What to Look for in a Home Inspector

No one wants to buy a home without knowing what they’re getting themselves into. As a buyer, the mystery that comes with not knowing the condition of a home is unnerving. This is why getting a home inspection is essential. It is also important to know your home inspector and their procedures before starting the process.

Questions to Ask a Potential Home Inspector

Before you hire a home inspector, ask them the following questions to help you make the best decision:

  1. Are you a member of a professional home inspector association?
  2. Are you experienced in residential inspection?
  3. How long have you been inspecting homes for?
  4. What does the inspection cover?
  5. Am I able to attend the inspection?
  6. How much will it cost?
  7. How long will it take?
  8. Do you offer any repairs or improvements based on the results of the inspection?
  9. What kind of report do you provide?
  10. How long will it take to receive that report?

Asking these questions will allow you to spot any red flags and help you determine if your home inspector is as good as they claim.

Look for Red Flags

Here are some red flags to look for when asking your home inspector the above questions:

  • Not providing documentation or identification that shows they are a member of a professional home inspector association. While being a member of a home inspector association doesn’t guarantee that the inspector is an expert, it is safe to assume that non-members are not experts.
  • Not providing referrals or work history upon request. If the inspector is unwilling to provide referrals or their related work history upon request, they may not be as qualified or experienced as they claim.
  • An inspector will not let you attend the inspection. It is important for you to attend the inspection. Not only are you able to make sure the inspector is thorough, but you will also be able to address any concerns about the home firsthand instead of after the report has been filed. A good home inspector will let you come on the inspection with them; a great inspector will talk you through it as they inspect each area of the home.
  • The inspector will not let you see a copy of their inspection report prior to the start of inspection. Your inspector should let you see a copy of the inspection report before they begin. The report details everything that will be covered during the inspection, and receiving a copy of it beforehand will allow you to ask any questions or add on specific areas you want to be inspected.

Other Important Information

An average inspection can take two to three hours. You should expect to receive the full, completed report within 24 hours. Not all inspectors make repairs onsite, but if they do, make sure to utilize their services. Finally, the cost of an inspection can vary, but an average range can be from $300-$500.

Make sure your home inspector answers the questions above before you begin, and always take precautions when you notice red flags.
Check out the Department of Housing and Urban Development website for more details on choosing the right home inspector.

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

The Ten Commandments of Mortgage Lending

Ten Commandments of Mortgage Lending

Are you buying a home? Here are the ten commandments of mortgage lending to ensure a smooth mortgage loan process.

  1. Thou Shall Not  change jobs or become self-employed
  2. Thou Shall Not  originate any new inquiries on your credit report
  3. Thou Shall Not  buy a car, truck, or van unless you plan to live in it
  4. Thou Shall Not  use your credit cards or fall behind on your payments
  5. Thou Shall Not  spend money you have saved for your down payment, get a gift for closing, or take out a retirement loan without first consulting your mortgage banker.
  6. Thou Shall Not  buy furniture before you buy your house.
  7. Thou Shall Not  make any large deposits into your bank account unless you plan on documenting that deposit and origin of the money (i.e. anything that is not payroll related)
  8. Thou Shall Not  change bank accounts.
  9. Thou Shall Not  co-sign for anyone.
  10. Thou Shall Not  purchase ANYTHING until after closing.

Contact a licensed Inlanta Mortgage loan officer to learn more about the mortgage loan process, available loan programs and current mortgage rates. Use our branch locator to find a loan officer near you or apply today and we will forward your application to 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.

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

Advantages of Pre-Approvals for Buyers

Advantages-Preapproval

There are many advantages of pre-approvals for active home shoppers. Here are some common questions and answers about pre-approvals.

What are the Advantages of Pre-Approvals?

A pre-approval will tell you how much a lender is willing to lend you. If you are shopping for a home, it’s important to know your price range early in the game. If you know what you can afford, you won’t needlessly shop for homes out of your price range.  Being comfortable with your limits will help you negotiate a home purchase with confidence. Plus, since sellers like a sure thing, you’ll have an advantage over buyers who may not have been through the pre-approval process.

Why Should I Be Pre-Approved for a Mortgage Loan?

A pre-approval takes your income, credit and assets into account.  By engaging in the pre-approval process, you can uncover any potential financing issues early in the process. It’s better to know that there are issues to be handled before you get your heart set on a specific home. On the bright side, you might not have any issues to overcome and you will be able to truly enjoy the home shopping process.

How Long is the Pre-Approval Valid?

Your pre-approval is typically good for the “shelf life” of the documents used to create it. These will include a credit report, pay stubs, bank statements, W2s, tax returns, etc. The usable life of these documents will vary, yet it’s usually safe to say that your approval is good for approximately three months. During this time, it pays to file all important financial documents so they’re readily available for future updates.

What if I Change My Mind?

That’s perfectly fine. There’s no obligation to purchase a home or use a particular loan program once you’ve been pre-approved. On the flip side, a pre-approval is not a contract and provides no guarantee of a loan approval. Usually, a loan approval is contingent on a home appraisal and a thorough review by mortgage underwriters. Your licensed Inlanta Mortgage loan officer can explain the process in great detail but there is no argument – the process of purchasing a home is easier when you have financing in place before you make an offer. We’re here to help you get started, and it’s never too early to do exactly that. Give us a call when you’re ready – 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.

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