Category: Kentucky Mortgage Refinance Questions to ask

Kentucky First Time Home Buyer Tips for a Smooth Closing after loan pre-approval


43493504_1149130891929130_6711749112900878336_n (1)

Kentucky Home Buyer Tips for a Smooth Closing after loan pre-approvalToo Tips For Home Buyers

Tip #1: Things to Avoid Before Buying a Your First Home in Kentucky!!!

 

 

 

Here are some things to avoid during the Kentucky First Time home buying process to assure your transaction goes smoothly:

-Don’t Make an Expensive Purchase

It’s best to avoid making major purchases like furniture, cars, appliances, electronic equipment, jewelry, or vacations until after the closing. Financing furniture with a credit card could jeopardize your credit worthiness during the time it means the most. Using cash to purchase big items can also create a problem because many banks take into consideration your cash reserve when approving your mortgage.

-Don’t Get a New Job

Lenders like to see a consistent job history. Generally, changing jobs will not affect your ability to qualify for a mortgage loan-especially if you are going to be making more money. But for some people, getting a new job during the loan approval process could raise some concern and affect your application.

-Don’t Switch Banks or Move Money Around

As your lender reviews your loan package, you will be asked to provide bank statements for the last two or three months on your checking accounts, savings accounts, money market funds and other liquid assets. To eliminate potential fraud, most loans require a thorough paper trail to document the source of all funds. Changing banks or transferring money to another account could make it difficult for the lender to document your funds.

-Don’t Disregard Your Lenders Requirements

You may have been pre-approved for the loan but your work with the lender is far from over. Your lender will need copies of your bank statements, W2s and other paperwork. It is up to you to get it to him or her as soon as possible. Failure to submit certain qualifying documents could cause you to lose your loan and the financing you need to buy your home.

Sincerely, 

We see a bunch of clients come in that could have saved themselves some headaches if they would’ve followed these tips for buying a home.

 

 

  1. Do NOT purchase a new vehicle. (If you can help it)
    1. You may be just graduating college or getting that well deserved promotion at work and be tempted to treat yourself to that shiny new vehicle. If at all possible, fight that urge! When we are calculating your debt-to-income ratio, that car payment can possibly take away the purchasing power that you wished you had. Instead of a $150,000 house, you’re now looking at an $80,000 home.
  2. Do NOT change jobs or how you’re paid.
    1. The main reason we try to not have people change jobs is not because of the history but the possibility of the way that you were and are paid now. If you were salaried 6 months ago and now you are paid a smaller salary but with commissions, there is a good possibility we won’t be able to count those commissions since you haven’t received them for two years. So if a job opportunity arises or HR is possibly promoting you to a new pay system, weigh the costs of maybe not being able to buy a home.
  3. Do NOT deposit cash or large untraceable deposits.
    1. The old saying used to be “cash is king”. Some people still think that they can bring their mattress money or rainy day funds to closing and unfortunately that is not the case anymore. When we are going through the loan process and see a large deposit that isn’t an auto deposit from payroll, things can get a little dicey. Ever since the mortgage crisis in 2008 and 2009, the government makes us “source” funds like that. It’s their way of making sure that there isn’t possible money laundering or fraud happening. If you sell a vehicle or an item for cash, please document it as clearly as possible.
  4. Listen to your loan officer
    1. This is an extremely easy one but you’d be surprised how many times people don’t follow this. An analogy that Don tells his clients is to think of buying a home like a maze. This is especially true with all the regulations and rules they have put in place since the mortgage crisis. You, the borrower, are trying to get to the end of the maze and get into the home. We as loan officers have a better view point of the maze and can help guide you through it. If you don’t trust us and let us guide you, it can take a lot longer to get into the home or possibly do something that makes it to where you can’t get a home at all.

http://www.emailmeform.com/builder/form/0bfJs9b6bK8TGoc6mQk9hIu
 
Joel Lobb (NMLS#57916)
Senior  Loan Officer
 
American Mortgage Solutions, Inc.
10602 Timberwood Circle Suite 3
Louisville, KY 40223
Company ID #1364 | MB73346
 


Text/call 502-905-3708
kentuckyloan@gmail.com

http://www.nmlsconsumeraccess.org/
If you are an individual with disabilities who needs accommodation, or you are having difficulty using our website to apply for a loan, please contact us at 502-905-3708.   
Disclaimer: No statement on this site is a commitment to make a loan. Loans are subject to borrower qualifications, including income, property evaluation, sufficient equity in the home to meet Loan-to-Value requirements, and final credit approval. Approvals are subject to underwriting guidelines, interest rates, and program guidelines and are subject to change without notice based on applicant’s eligibility and market conditions. Refinancing an existing loan may result in total finance charges being higher over the life of a loan. Reduction in payments may reflect a longer loan term. Terms of any loan may be subject to payment of points and fees by the applicant  Equal Opportunity Lender. NMLS#57916http://www.nmlsconsumeraccess.org/
 
— Some products and services may not be available in all states. Credit and collateral are subject to approval. Terms and conditions apply. This is not a commitment to lend. Programs, rates, terms and conditions are subject to change without notice. The content in this marketing advertisement has not been approved, reviewed, sponsored or endorsed by any department or government agency. Rates are subject to change and are subject to borrower(s) qualification.
Advertisements

24 New Fannie Mae Homes in Kentucky Government Foreclosures 2017


gdsgdsgdfgd01414_ayaynqojqrd_600x450gfgfsdgfsgsdfgdsgdsfgdf

Louisville Kentucky Mortgage Lender for FHA, VA, KHC, USDA and Rural Housing Kentucky Mortgage: Kentucky General Mortgage Guide for Underwriting A…: Kentucky Mortgage Underwriting Guidelines Understanding  Mortgage mortgage underwriting guidelines will help you understand your loan opt…


Posted By Blogger to Louisville Kentucky Mortgage Lender for FHA, VA, KHC, USDA and Rural Housing Kentucky Mortgage

Address Location Type Status Price Beds Baths
Previous Next
114 Dakota Cir
Carrollton, KY
Carrollton, KY 41008
Single Family Just Listed $119,900 3 2 First Look Program
4516 Amerivan Ct
Louisville, KY
Single Family Just Listed $198,900 4 2 First Look Program
1530 Spring Creek Dr
Murray, KY
Single Family Just Listed $299,900 3 3 First Look Program
3508 E 6th St
Owensboro, KY
Single Family Just Listed $63,000 3 1 First Look Program
10823 Muirfield Ct
Union, KY
Single Family Just Listed $158,500 2 4 First Look Program
843 Button Knob Rd
Liberty, KY
Single Family Just Listed $92,500 4 2 First Look Program
1557 Dunbar Leetown Rd
Morgantown, KY
Single Family Just Listed $134,500 3 2 First Look Program
563 Saint Andrews Rd
Brandenburg, KY
Single Family Just Listed $155,000 3 3 First Look Program
362 Pollitt Cir
New Castle, KY
Single Family Just Listed $64,500 3 2 First Look Program
931 Robin Cir
Radcliff, KY
Single Family Just Listed $116,500 3 2 First Look Program
114 Indian Trace Rd
Cadiz, KY
Single Family Just Listed $154,000 4 3 First Look Program
2589 Oregon Rd
Salvisa, KY
Single Family Just Listed $247,500 5 5 First Look Program
12 Crestwood Ave
Newport, KY
Single Family Back on Market $87,000 2 1
727 Agawam Rd
Winchester, KY
Single Family Back on Market $129,900 4 3 First Look Program
40 Beech Dr
Ft Mitchell, KY
Single Family Back on Market $84,500 3 2
313 Shakers Landing Rd
Harrodsburg, KY
Single Family Back on Market $142,500 3 2
8854 Valley Circle Dr
Florence, KY
Single Family Back on Market $118,800 3 2
163 Falls Ln
Shepherdsville, KY
Single Family Back on Market $99,900 4 1
213 Ridge Pole Rd
Brandenburg, KY
Single Family Price Reduced $199,900 4 4
1520 Bryan Rd
Boaz, KY
Single Family Price Reduced $117,500 4 3
8 Davenport Ln
Williamsburg, KY
Single Family Price Reduced $85,000 3 3
414 Village Dr
Frankfort, KY
Single Family Active $165,000 4 4
120 Ridgemont Rd
Paducah, KY
Single Family Active $94,500 3 3
3445 Bonny Lea Ct
Louisville, KY
Single Family Active $129,900 3 2 First Look Program
6003 Murnan Rd
Newport, KY
Single Family Active $77,500 3 2
21 Highway 578 N
Annville, KY
Single Family Active $99,900 4 2 First Look Program
11501 Flowervale Ln
Louisville, KY
Single Family Active $74,900 3 1
146 Grand Oak Blvd
Shepherdsville, KY
Single Family Active $255,000 4 3
18 Alice Dr
Greenup, KY
Single Family Active $75,000 4 2.5
424 E Union St
Hartford, KY
Single Family Active $98,900 4 2
2024 Woodmere Ct
Hebron, KY
Single Family Active $169,900 4 3
1927 Brooklyn Chapel Rd
Morgantown, KY
Single Family Active $89,900 3 2
112 Valley Brook Dr
Frankfort, KY
Single Family Active $85,000 3 2
250 Commerce St
Hardin, KY
Single Family Active $69,900 4 2
421 Newby Rd
Richmond, KY
Single Family Active $109,900 4 2
136 W Main St
Mount Sterling, KY
Single Family Active $115,000 5 2
2440 Lancaster Rd
Richmond, KY
Single Family Active $299,900 4 5
3510 Mcneil Rd
Boaz, KY
Single Family Active $249,000 3 2
145 Douglas Ave W
Stanford, KY
Single Family Active $115,000 3 2
418 A Mckinney Rd
Glasgow, KY
Single Family Active $72,500 2 1
532 Park Ridge Dr
Richmond, KY
Single Family Active $269,900 4 4
96 Cross Creek Farms Rd
Benton, KY
Single Family Active $209,500 5 4 First Look Program
3401 Wolf Creek Rd
Williamsburg, KY
Single Family Active $83,500 3 1

 

unnamed-2

New Fannie Mae Homes in Kentucky


New Fannie Mae Homes in Kentucky

To: kentuckyloan@gmail.com

You have subscribed to receive alerts in Kentucky.

$22,500Back on Market

2691 Us 231 South
Beaver Dam, KY 42320

3 Beds |1 Baths | 1800 sq. ft.

View Property

$72,500Back on Market

3522 Alpha Ct
Erlanger, KY 41018

5 Beds |3 Baths | 1919 sq. ft.

View Property

$104,900Price Reduced

120 Ridgemont Rd
Paducah, KY 42003

3 Beds |3 Baths | 2429 sq. ft.

View Property

$265,000Price Reduced

146 Grand Oak Blvd
Shepherdsville, KY 40165

4 Beds |3 Baths | 2534 sq. ft.

View Property

$25,000Price Reduced

532 Kellacey Rd
West Liberty, KY 41472

3 Beds |1 Baths

View Property

$59,000Price Reduced

517 Washington Ave
Paintsville, KY 41240

3 Beds |2 Baths | 2242 sq. ft.

View Property

$89,900Price Reduced

112 Valley Brook Dr
Frankfort, KY 40601

3 Beds |2 Baths | 1127 sq. ft.

View Property

$28,900Price Reduced

319 H Hale Dr
East Point, KY 41216

3 Beds |2 Baths | 1253 sq. ft.

View Property

$315,000Price Reduced

2440 Lancaster Rd
Richmond, KY 40475

4 Beds |5 Baths | 3525 sq. ft.

View Property

$139,900Price Reduced

1336 Equestrian Way
Frankfort, KY 40601

4 Beds |4 Baths | 1676 sq. ft.

View Property

$64,900Price Reduced

2116 Quillman Rd
Louisville, KY 40214

4 Beds |1 Baths | 1440 sq. ft.

View Property

$180,000Active

11131 Misty Wood Ct
Walton, KY 41094

4 Beds |2.5 Baths

View Property

 

>Kentucky Mortgage Refinance Questions to ask: Kentucky Housing VA FHA KHC USDA and FNMA


>Six questions to ask before refinancing your mortgage Kentucky Housing VA FHA KHC USDA and FNMA

Kentucky Mortgage Refinance Questions to ask Kentucky Housing VA FHA KHC USDA and FNMA

Are you thinking about refinancing your kentucky mortgage? Are you not sure how much money you’ll save if you do – or if you’ll even qualify for a new kentucky mortgage  loan? Kentucky Housing VA FHA KHC USDA and FNMA

Here are six questions to ask yourself before you refinance.

What are the fees?

There are many standard fees associated with a mortgage refinancing – lender fees, title fees, inspection fees, insurance fees, etc. – that you should always know before deciding to refinance.

However, as Bankrate.com reports there are also other, newer fees to look out for – so-called “risk adjustment” fees from Fannie Mae and Freddie Mac. These fees – which can be 2 percent of the loan’s value – will be higher for borrowers who don’t have perfect credit scores, and for those who have less than 20 percent equity in their homes. These fees can also be converted to a higher interest rate. This may be why you can seem to get the advertised rates. This is something you should ask your Loan Officer about.

Knowing all the fees associated with your refinancing will help you determine if it makes mathematical sense to refinance.

How good is your credit?

The better your credit, the better chance you have at getting the best mortgage rate. Keep in mind that only those with excellent credit scores – usually around 760 or better – get the best rates.

The lower your credit score, the higher your rate will likely be – if you’re approved by the lender at all. Tighter lending standards in the wake of the credit crisis have left many people with bad credit scores unable to refinance.

How much equity do you have in your home?

One of the key things a lender wants to see before approving a borrower for refinancing is for the borrower to have at least 20 percent equity in his or her home.

If you’re not sure what percent equity you own, you can use a loan-to-value calculator to figure it out. Quite simply just divide you current loan balance into your estimated house value.

If you have very little equity – or even if you are underwater on your home due to falling home values – you may still be able to refinance your mortgage under the government’s Making Home Affordable program. Visit the program’s website to see if you qualify.

What type of mortgage should you get?

Because rates are at historic lows, some people who got 30-year mortgages a few years ago may be able to halve the length of their loan (and thus drastically cut the overall interest paid on the loan) without paying much more a month.

Compare the monthly payments between a 15-year and 30-year mortgage to see how much you’d owe – and how much you’d save over the life of the loan.

Or, if you’re planning to be in a home for only 3 to 7 years, an adjustable-rate mortgage may be for you. Read about different types of mortgages, and see how much your payments would be with each one, with this calculator.

How much will you save a month?

Use a mortgage refinance calculator to see if refinancing make financial sense for you.

How much you save – and how much you pay in fees – are key questions in determining if it makes financial sense to refinance. For example, if you are going to be paying $6,000 for all the fees related to refinancing a 30-year fixed-rate mortgage, and you’ll be saving $200 a month in payments with a new mortgage, then you’ll “break even” 30 months into the new loan, meaning that it only makes sense to refinance if you’re keeping the new loan for more than 2 1/2 years.

Do you have all your papers in order?

Because of the strict lending standards these days, lenders will want to scrutinize your financial situation before you are approved for a refinance.

Before approaching a lender, you’ll want to pull together the following paperwork:

• Copies of your past two years’ tax returns


• Copies of your past two years’ W-2s


• Copies of your most recent paystubs


• Copies of your most recent checking, savings, and investment statements.

Kentucky Mortgage Refinance Questions to ask

Kentucky Housing VA FHA KHC USDA and FNMA