The Power of Pre-approval

The Power of a Pre-approval

Whether you’re currently looking for a new home or not, you’ve probably heard the phrase, “Get pre-approved.” Perhaps it was through a radio or TV ad, on social media, or from your friends or family. What you should know is what being pre-approved means in the homebuying process, and how it can make you stand out in a crowded buyer’s market.

What is a Pre-Approval?

To get a mortgage loan, you need to be pre-approved by a lender. This means that your lender will need to collect certain documentation, such as bank statements and W2s, to verify your income and determine that you are able to repay the loan.

Why is it Important?  

Getting a pre-approval from a trusted lender is a powerful tool for homebuyers for many reasons, and is recommended before you even begin home shopping so that you may: 

  1. Know your Budget
  2. Gain Peace of Mind
  3. Get Ahead of your Competition
  4. Increase Buying Power
  5. Expedite your Closing

With a pre-approval, your Realtor will know you’re a serious buyer and understand your budget, helping narrow your home search to homes that are a right match for you. It can save you from the heartache of falling in love with a home you can’t afford, while letting your realtor know that you’re ready and able to make an offer on a home anytime, anywhere.

For the sellers, a pre-approval makes you an attractive buyer as it shows sellers that you are financially capable of purchasing their home, giving them the peach-of-mind that your offer will stand.

Lastly, it expedites the closing process which means smoother stress-free closings and getting you into your new home that much sooner.

Ultimately, getting pre-approved is a smart move if you’re looking to buy a home anytime soon. To get your free pre-approval, reach out to one of our loan experts in your area or apply for your pre-approval today using our fast and easy online application process!

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.

Tips for Choosing the Right Realtor and Lender

Tips for Choosing the Right Realtor and Lender

For most, choosing to purchase a home is a big decision. Choosing the right real estate agent and mortgage lender to help you smoothly along the process, a team you can entrust with all of your sensitive financial information who can educate you on the proper loan options and the ins and outs of homebuying is key to a successful transaction.

Here at Inlanta Mortgage, our mission is to be the home financing partner that you trust to serve your family, friends, and community. Whether you are purchasing or refinancing, we want you to know we have your back every step of the way. Our team of mortgage professionals works with top real estate agents every day. While we want to assist you with all of your mortgage lending needs and can refer you to a great agent, we also want to provide you with the tools necessary to choose the right lender/realtor partner for your particular needs and circumstances. Here are some tips on how to choose the right homebuying team.

  1. Do Your Research

The market is changing every day. That’s why it is wise to shop around and talk to a few local lenders and agents in your area to learn more about the types of loan programs offered, current market rates, and current listings available. This will also give you the chance to explain any unique financial needs you may have to your potential lender as well as your timeline and exactly what you are looking for to your agent. Note – while it may be tempting to want to choose a loan officer that advertises the “best rate,” it is important to take into account customer satisfaction, knowledge, experience, and more.

  1. Referrals and Testimonials 

You can learn a lot about a lender or agent based on real online reviews and testimonials from real clients they have had in the past. Successful transactions produce successful reviews and can provide social proof of happy peers in your area that are now homeowners with the help of their homebuying team. Visit lender and agent websites, Google+, Yelp, or Facebook pages and speak to recent clients to get an inside look at past client experiences.

  1. Communication

Communication is key during the homebuying process, so having a team that will stay in touch with you and keep you up to date on the market outlook, status of your loan, and any current listing information while providing you with honest feedback is important. When researching lenders and agents, inquire with them about their communication styles and if applicable, ask to meet their team prior to conducting business with them to learn how it all works. It is important for you to not feel afraid to ask questions. Open communication with your loan officer and real estate agent will help ease any worries you have throughout the process.

  1. Knowledge and Experience

Strong knowledge of the real estate and loan process along with information on loan programs and the current market is important when choosing the right team to help you purchase a home. With knowledge comes experience. Working with an experienced team that has successfully helped many homeowners achieve the American dream may help give you peace of mind during the process. Whether you are new to the process or are a seasoned homeowner, your agent and loan officer should be able to speak with you on the process and provide you with the education and guidance needed based on your level of experience. Ask about professional awards, years of experience, licenses, and credentials to ensure you are selecting the right team for your needs.

If you’d like to get in touch with one of our mortgage professionals today, click here to find a local lender within your area or contact us for more information. We’d love to have one of our lenders set you up with a top real estate professional – ask us about our referral partners today.

 

Embark on the Purchase Process – A Loan Road Map for First-Time Buyers

Embark on the Purchase Process – A Loan Road Map for First-Time Buyers

If you are just beginning to embark on the purchase process for the very first time, you may be unsure of what lies ahead on your journey. That’s why we’ve provided the steps via an Inlanta Loan Road Map to help guide you on your way to homeownership.

 

Stop #1 – Get Pre-Approved

Submit your application and the documents needed to verify your income, assets, and debts, including thirty days of recent paystubs, last two years of W-2s, and two recent bank statements.

Stop #2 – Home Search and Offer

Your Realtor will help you find the perfect home and write up an offer letter to the seller, which details the price you are offering to pay for a property and any applicable conditions.

Stop #3 – Purchase Agreement

Your Realtor will write up the contract for you and the seller to sign. A deposit is generally required. This agreement will outline all of the required dates, deadlines, and contingencies.

Stop #4 – Home Inspection

If the offer is accepted, a home inspection is next. Home inspections are not required but highly recommended. A home inspector will look for any issues or violations with the property.

Stop #5 – Application and Disclosures

Your loan officer will have you review and sign a number of documents and disclosures, including your mortgage application and a Good Faith Estimate, which details the estimated costs of financing.

Stop #6 – Appraisal and Title

An appraisal (an estimate or property value) will be ordered and provided to the underwriting team. Your loan officer will select a title company to research the property title.

Stop #7 – Homeowners Insurance

Proof of insurance is required prior to closing. Your first year’s premium must be paid in full. Have your insurance agent contact your loan officer to ensure they receive the proper insurance binder.

Stop #8 – Final Approval

Underwriting will review all the documentation necessary to approve your mortgage loan additional verifications may be necessary at this point. If all of the documentation is acceptable, you will be clear to close.

Stop #9 – Closing Disclosure

You will get a final breakdown of all costs and money required at closing. For closing, you will need government-issued identification and a certified check to pay closing costs.

Stop #10 – Your Loan Closing!

It’s closing time! Did you bring your government issued identification? Do you have a certified check to cover closing costs? During the closing, a representative from the title company will review all the loan documents with you. They will get signatures from both you and the seller. After all money is distributed, the deed will then be recorded with you as the new owner of record!

 

Rest assured you are not on this journey alone. Your loan officer will be with you every step of the way and will be able to answer any questions that arise. Click here to find your local Inlanta loan officer today to get started on your home loan journey!

Tips for Choosing the Right Mortgage Lender

For most, choosing to purchase a home is a big decision. Choosing the right mortgage lender to help you smoothly along the process, one you can entrust with all of your sensitive financial information who can educate you on the proper loan options based on your specific financial situation is key to a successful transaction.

Here at Inlanta Mortgage, our mission is to be the home financing partner that you trust to serve your family, friends, and community. Whether you are purchasing or refinancing, we want you to know we have your back every step of the way. While we want to assist you with all of your mortgage lending needs, we also want to provide you with the tools necessary to choose the right lender for your particular needs and circumstances. Here are some tips on how to choose the right mortgage lender.

Do Your Research

The market is changing every day. That’s why it is wise to shop around and talk to a few local lenders in your area to learn more about the types of loan programs offered and current market rates. This will also give you the chance to explain any unique financial needs you may have to see if they have dealt with borrowers like you in the past. While it may be tempting to want to choose a loan officer that advertises the “best rate,” it is important to take into account customer satisfaction, knowledge, experience, and more.

Referrals and Testimonials 

You can learn a lot about a lender based on real online reviews and testimonials from real clients they have had in the past. Successful transactions produce successful reviews and can provide social proof of happy peers in your area that are now homeowners with the help of their trusted lender. Visit your lender’s website, Google+, Yelp, or Facebook page to get an inside look at former client experiences.

Communication

Communication is key during the mortgage process, so having a lender that will stay in touch with you and keep you up to date on the status of your loan while providing you with honest feedback is important. When researching lenders, inquire with them about their communication styles and if applicable, ask to meet their team prior to conducting business with them to learn how it all works. It is important for you to not feel afraid to ask questions. Open communication with your loan officer will help ease any worries you have throughout the process.

Knowledge and Experience

Strong knowledge of the loan process, loan programs, and mortgage products available along with knowledge of the market is important when choosing the right lender. With knowledge comes experience. Working with an experienced lender who has successfully helped many homeowners achieve the American dream may help give you peace of mind during the process. Whether you are new to the process or are a seasoned homeowner, your loan officer should be able to speak with you on the process and provide you with the education and guidance needed based on your level of experience.

If you’d like to get in touch with one of our mortgage professionals today, click here to find a local lender within your area or contact us today for more information.

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.

Home Loan Road Map

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Home Loan Road Map

If you are just embarking on the purchase process, you may be unsure of what lies ahead on your journey. Here are the steps on Inlanta’s Loan Road Map to help guide you on your way to homeownership.

 

1. Get Pre-Approved

Submit your application and the documents needed to verify your income, assets, and debts, including thirty days of recent paystubs, last two years of W-2s, and two recent bank statements.

 

2. Home Search and Offer

Your Realtor will help you find the perfect home and write up an offer letter to the seller, which details the price you are offering to pay for a property and any applicable conditions.

 

3. Purchase Agreement

Your Realtor will write up the contract for you and the seller to sign. A deposit is generally required. This agreement will outline all of the required dates, deadlines, and contingencies.

 

4. Home Inspection

If the offer is accepted, a home inspection is next. Home inspections are not required, but highly recommended. A home inspector will look for any issues or violations with the property.

 

5. Application and Disclosures

Your loan officer will have you review and sign a number of documents and disclosures, including your mortgage application and a Good Faith Estimate, which details the estimated costs of financing.

 

6. Appraisal and Title

An appraisal (an estimate or property value) will be ordered and provided to the underwriting team. Your loan officer will select a title company to research the property title.

 

7. Homeowners Insurance

Proof of insurance is required prior to closing. Your first year’s premium must be paid in full. Have your insurance agent contact your loan officer to ensure they receive the proper insurance binder.

 

8. Final Approval

Underwriting will review all the documentation necessary to approve your mortgage loan additional verifications may be necessary at this point. If all of the documentation is acceptable, you will be clear to close.

 

9. Closing Disclosure

You will get a final breakdown of all costs and money required at closing. For closing, you will need government issued identification and a certified check to pay closing costs.

 

10. Your Loan Closing!

It’s closing time! Did you bring your government issued identification? Do you have a certified check to cover closing costs? During the closing, a representative from the title company will review all the loan documents with you. They will get signatures from both you and the seller. After all money is distributed, the deed will then be recorded with you as the new owner of record!

 

Rest assured you are not on this journey alone. Your loan officer will be with you every step of the way and will be able to answer any questions that arise. Click here to find your local Inlanta loan officer.

 

 

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

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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.

Pre-Qualification vs. Pre-Approval

Pre-Qualification vs. Pre-Approval

Prequalification and Pre-approval may sound like the same thing but they are actually two very different things. Getting these two mixed could be a mistake you really don’t want to make. So if you’re looking for a place to start in your home buying journey check out the video and find out the difference between getting pre-qualified and pre-approved!

 

 

What do you think happened?

What do you think happened to Fast Freddie and Thorough Theodore?

  1. Fast Freddie and Thorough Theodore both closed right on time
  2. Fast Freddie closed on time, but Thorough Theodore closed late.
  3. Fast Freddie’s Mortgage loan fell through, and Thorough Theodore closed right on time.
  4. Both Mortgage loans fell through. Poor Freddie and Theodore!

 

If you answered #3 you’re correct! Turns out that Freddy’s prequalification had a lot of PRE, very little QUALIFICATION, and a complete absence of APPROVAL.

A prequalification can be done quickly, but without verified information, it may not be worth the paper it’s printed on. A pre-approval is much more thorough and accurate. Once you have one of these in hand, your credit and income are well known. All you’ll probably need to do next is find the right house.

In other words, a little extra spent up front, can actually save you lots of time in the end.

If you want to get pre-approved before you start home shopping, please reach out to one of our licensed loan officers. We’ll be happy to help!

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