Home Resolutions to Make in 2019

Home Resolutions to Make in 2019

Resolutions are a great way to set yourself up for success in the New Year. While you may already have committed to some for yourself, your family, or your business, setting resolutions for your home will help keep your space well-kept and cared for.

Here are some homeowner resolutions you can make in 2019:

  1. Create a Home Maintenance Schedule

Caring for a home is a big responsibility that requires time and attention all year long. That’s why it’s best to get ahead of your home’s needs by creating an annual home maintenance schedule. If you’re wondering where to start, check out our Home Maintenance Checklist to help keep your home in great shape.

 

  1. Update One Outdated Feature

We all have features of our homes that we’d like to hit the refresh button on. Maybe it’s your outdated bathroom, popcorn ceilings, or outdated kitchen cabinets and laminate countertops. Whatever is giving you a headache, choose one to check off your list in 2019.

 

  1. Take Some Time to De-Clutter

Clutter can bring chaos. Start the New Year off by clearing your space to help get you cleaned and organized. Here are some top tips from decluttering experts via The Huffington Post to help get you started.

 

  1. Accomplish a DIY Project

You don’t have to be an expert or hire one to make improvements around your home. DIY, or “do it yourself,” projects are great for saving you money and upgrading your home for less. Check out our Pinterest page for some DIY home improvement ideas you can tackle in 2019.

 

  1. Make Extra Mortgage Payments

Resolving to put a little extra money toward your mortgage in the New Year can make a big impact on paying off your mortgage that much sooner, saving you money on interest. Talk to your Inlanta Loan Officer today to see if making extra mortgage payments could benefit you!

 

We hope your new year is filled with joy, success, and a happy home!

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.