Payoff Your Mortgage In Half the Time!

Call me for information on how to designate your principal payments to save HUGE on the amount of interest you pay over the life of your loan!

Office (719)391-9817 cell (719)459-2519

Adjustable Mortgages and You

An adjustable mortgage is complicated but not entirely impossible to understand.  Adjustable mortgages range from 1 month to 10 years.  In the past, the adjustable mortgage product was used in ways that gave little to no benefit to the borrower and all the benefit to the mortgage companies.  This playing field does not need to remain unbalanced.  As a consumer, shopping for this type of mortgage product commands your full attention.  Below are some questions to consider BEFORE making any decision or signing any paperwork regarding an adjustable rate mortgage.

• What is the purpose of the purchase?  Primary Residence or Rental Property?

• How long do you intend to own the property?

• What are the numbers related to the adjustment if you are unable to refinance at the prescribed time necessary?

These questions are very important in order to fine tune the adjustable product to your needs.  When shopping for this product make sure you speak to a professional who YOU feel is presenting the information in a way that you understand.  Of course you can ALWAYS call me.
Jennifer Erickson (719)459-2519

Home Buyers Be Alert!

When searching for that new home there are many things to think about and consider.  The usual considerations concern schools, shops and traffic but have you considered the long term value and the situations that can affect future sales?  Let me explain.  When an appraisal is completed, the comperable sales for your home are within a mile of the subject property and your future value in that property depends on many things.  Here are a few tips to add to your bucket list when considering a purchase that I thought would be helpful.

• Open Acreage behind or around the subject property - Make an inquiry as to who owns the property and whether it is zoned residential or commercial (the seller is not obligated to openly comment on this or include this information with the listing if they do not have an interest in the property.)

• Check with your insurance company or the Realtor before making an offer to see if the subject property is in a flood zone (if you write the contract without knowing it could double your insurance costs.)

• A home inspection is very important. Shop around for a reputable company or ask your Realtor for a few referrals.  Remember the inspector guarantees nothing and if you suspect a problem call a licensed professional.

• Before looking for a home, sit down as a family and make a list of must haves such as bedrooms and sizes ie; square footage ect.  This will help your Realtor in finding properties that won't waste your time.

I hope you find these tips helpful as I think they are very important to having a great experience and not just mediocre when purchasing your home.  Thanks for visiting my blog and check back for more tips in the future.

ALWAYS CHECK LICENSING

With all the changes going on in the Mortgage World you want to be sure to ask your lender for their Mortgage Loan Originators License.  Every state complies with this standard and in addition check with the NMLS (National Mortgage Licensing System) in addition to DORA for information on your lending professional. 

How To Be A More Effective Borrower

Have you wondered lately what changes are in store for those seeking money from financial institutions.  Well, let me tell you.......

To begin with you need to provide more documentation than before.  Below is a list of documentation you would want to have ready BEFORE you apply for a loan.

• 30 days Current Paystubs
• 2 Months of Bank Statements (all accounts used on application)
• 2 Years of Tax Returns (include W-2's)
• Current Mortgage Statement
• Copies of any Bankruptcy Paperwork (all pages and discharge) if applicable
• Copy of Divorce Paperwork if applicable
• Copy of any junior liens (2nd mortgage notes and monthly statement) if applicaple
• Copy of Drivers License

By having this documentation ready you are saving time and money.  When applying for a loan, every second counts and you want to be thorough.  Less time gathering paperwork gives you more time to listen to your options and really understand the process.  Call me for more information when you are ready to begin!