Friday, March 17, 2023

Dont Miss Out. How to Buy a House in the Best Time According to Americas Top Financial Advisor, Dave Ramsey

Don’t Miss Out: How to Buy a House in the Best Time According to America’s Top Financial Advisor, Dave Ramsey

As a first-time homebuyer, I was overwhelmed with the idea of buying a house. There were so many steps to consider, and I didn’t know where to start. However, I knew that homeownership was essential for my long-term financial goals. That’s when I turned to America’s top financial advisor, Dave Ramsey, to learn how to buy a house in the best time.

The Importance of Buying a House at the Right Time

According to Dave Ramsey, “Right now is the best time to buy a house in the next five years. And here’s why: prices are not gonna go down. They’re gonna go up slower, but they’re not gonna go down. And so, five years from today, houses are gonna be more expensive… So, this is the best price right now if you’re gonna buy a house. If interest rates come back down, refinance. But don’t not buy waiting on interest rates to come down.

The Benefits of Homeownership

Before diving into the steps of buying a house, it’s crucial to understand the benefits of homeownership. Owning a home can provide long-term financial security, tax benefits, and the ability to build equity. Additionally, owning a home can give you a sense of pride and accomplishment, and you can customize your living space to your liking.

The Financial Considerations of Buying a House

Buying a house is a significant financial commitment that requires careful consideration. You need to have a stable income, savings for a down payment, and a good credit score. Additionally, you should consider the cost of homeownership, including property taxes, mortgage payments, insurance, and maintenance expenses.

The Steps to Buying a House – from Pre-Approval to Closing

Now that you understand the financial considerations of buying a house let’s dive into the steps of buying a house. The first step is to get pre-approved for a mortgage. This process involves meeting with one of our mortgage broker experts, providing financial information, and getting approved for a mortgage amount. Once you have pre-approval, you can start house hunting. Once you find a house you like, you make an offer, and if it’s accepted, you enter the closing process, which involves a final review of the property, signing documents, and transferring funds.

The Home Buying Process – What to Expect Along the Way

The home buying process can be overwhelming, but it’s essential to know what to expect. During the process, you’ll work with a real estate agent, one of our mortgage brokers, and a title company. You’ll also have to provide financial information, review contracts, and conduct inspections of the property. It’s essential to communicate with your team and ask questions if you’re unsure about anything.

Tips for First-Time Homebuyers

As a first-time homebuyer, it’s natural to feel anxious, but there are several tips you can follow to make the process smoother. First, get pre-approved for a mortgage to determine your budget. Second, work with a reputable real estate agent who understands your needs. Third, be patient and don’t rush into a decision. Fourth, conduct inspections and research the neighborhood thoroughly. Lastly, review all contracts carefully and ask questions if you’re unsure about anything.

Things to Know Before Buying a House

Purchasing a house can be a difficult task in a competitive market, but there are various strategies that can be employed to enhance the chances of acquiring the desired property. The foremost strategy is to collaborate with a real estate agent who has a good reputation and extensive experience in the market. Getting pre-approved for a mortgage is another strategy that demonstrates the buyer’s seriousness to the seller. A strong offer should be made, but it should not be overpriced. The buyer should also be flexible with the closing date. Lastly, a personalized letter to the seller should be written to express interest in the property.

Before buying a house, it is important to have a stable income and a good credit score. Adequate savings should be kept for a down payment and closing costs. An in-depth research of the neighborhood and property is essential. Understanding the cost of homeownership and the obligations associated with it is important. It is also important to have a financial plan for future goals like retirement.

How to Determine the Best Time to Buy a House – Advice from America’s Top Financial Advisor, Dave Ramsey

Dave Ramsey is a renowned financial advisor who has helped millions of people achieve financial freedom. According to Dave, the best time to buy a house is when you’re financially stable and can afford the down payment and monthly mortgage payments. Additionally, you should consider the housing market and interest rates. If the market is in a slump and interest rates are high, you might be able to negotiate a better deal or ask for Seller Concessions.

Conclusion – Taking Action and Making Your Dream of Homeownership a Reality

Buying a house is a significant financial decision, but it’s essential for long-term financial stability. By following these steps and tips, you can make the home buying process smoother and increase your chances of finding your dream home. Remember, homeownership is not just about the financial benefits, but also the sense of pride and accomplishment that comes with it. Take action today and make your dream of homeownership a reality.

Source: https://www.youtube.com/watch?v=g1g0zJRncIk

Start the home buying process today by getting pre-approved for a mortgage. We at Affiliated Mortgage can help you to unlock your dream house.

Affiliated Mortgage is an esteemed mortgage company with a wide-reaching system of branches located in 23 states, with its head office located in Rapid City, South Dakota. Besides the seven states of South Dakota, North Dakota, Arizona, Wyoming, Montana, Iowa, and Florida, our services are also available in many other states. Thus, we aim to make the process of getting closing cost assistance as straightforward and easy as can be for customers. Because our experienced personnel are always at your disposal to help customers get the most inexpensive mortgage rates. When you need a mortgage, there are many factors to take into consideration. Our team is available day and night to help you get started in no time and answer any queries you may have.

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Wednesday, March 1, 2023

Mortgage Brokers versus Mortgage Lenders. Which is the Better Choice?

Mortgage Brokers versus Mortgage Lenders: Which is the Better Choice?

When it comes to financing your home, you have two main options: mortgage broker and mortgage lender. It can be difficult to decide which one to choose, in this blog article, we’ll compare the two and discuss which is the better choice for you.

What is the Difference Between a Mortgage Broker and a Mortgage Lender?

Mortgage brokers and lenders are both involved in the process of providing mortgages to borrowers. However, they are two different entities and have different roles.

In addition, a mortgage broker is a professional advisor to help you facilitate your home financing needs between the borrower and multiple national lenders. They act as a facilitator who helps the borrower to find the best loan product and investor to match their needs. Then they contact the lender to process the loan. The mortgage broker’s goal is to let investors compete to find the best mortgage loan program and mortgage interest rate. When you close on your new home loan you make payments directly to the investor organization.

On the other hand, a mortgage lender is a financial institution that provides mortgage loans directly to borrowers. They are a single investor, and they only offer you their loan program and mortgage rates. They are responsible for evaluating the borrower’s creditworthiness, approving the loan, and collecting payments from the borrower.

Pros and Cons of Using a Mortgage Broker

So, mortgage brokers can be a great option for borrowers who don’t have the time or expertise to shop for a loan on their own. Here are some of the pros and cons of using a mortgage broker.

Pros:

  • Mortgage brokers have access to a wide range of loan products and lenders. So they can shop around to find the best deal for you.
  • They have expertise in the mortgage industry. Thus, they can offer helpful advice and guidance.
  • Although, they can help you understand the mortgage process and answer any questions you may have.
  • They can help you to get approved for a loan, even if you have a low credit score.

Pros and Cons of Using a Mortgage Lender

The mortgage lenders can be a great option for borrowers who have a direct relationship with their financial institution (Bank). If your least interested in shopping around for the best loan product and interest rate, then mortgage lenders might be your best option. Here are some of the pros and cons of using a mortgage lender.

Pros:

  • These lenders are often ideal if you already have a banking relationship.
  • You may already have a financial relationship with them.
  • Ideal if you have great credit.

Cons:

  • Mortgage lenders may have stricter requirements for borrowers. So it may be difficult to get approved if you have a low credit score.
  • It can be time-consuming to shop around for the best deal.
  • You may not have access to a wide range of loan products.
  • You have no idea if you are being offered the best investors interest rate.
  • The process can be confusing. You may not understand all the terms and conditions of the loan.

Which One is Better for You?

The answer to this question will depend on your individual needs and circumstances. If you are wanting the best loan program and mortgage rate and don’t have the time or expertise to shop around for a loan, then a mortgage broker may be the better option. On the other hand, if you have good credit and already have a relationship with your local lender, then a mortgage lender may be the better choice.

How to Find a Good Mortgage Broker

Finding a good mortgage broker is essential if you want to get the best deal on your loan. Here are some tips for finding a good mortgage broker:

  • Check their credentials: Make sure that they are licensed and have experience in the industry.
  • Get referrals: Ask friends and family for referrals to reputable brokers.
  • Read reviews: Read online reviews to get an idea of their customer service.
  • Google My Business (GMB) reviews: Are they ranked high in your area? For example, go to Google and search ‘Mortgage Broker Rapid City’ and view the results.
  • Ask questions: Ask questions about their fees and services to make sure they are the right fit for you.

How to Compare Mortgage Lenders and Brokers

When you’re comparing mortgage lenders and brokers, it’s important to consider a few key factors. Here are some tips for comparing mortgage lenders and brokers:

  • Interest rates: Compare the interest rates offered by different lenders and brokers to get the best deal.
  • Fees: Make sure to factor in any fees that may be charged by the lender or broker. Most mortgage brokers do not charge fees, as they get paid by their investors.
  • Terms and conditions: Compare the terms and conditions of each loan to make sure you understand what you’re signing up for.
  • Customer service: Read online reviews to get an idea of the customer service offered by each lender or broker.

Cost Comparison of Mortgage Brokers and Lenders

Additionally, mortgage brokers and lenders both have their own costs associated with them. However, the mortgage brokers like Affiliated Mortgage do not charge closing fees to the borrower. On the other hand mortgage lenders may charge fees such as application fees, closing costs and origination fees. So, it’s important to compare the costs of each option to make sure you’re getting the best deal.

Conclusion

Finally, Mortgage brokers are there to support you through the entire lending process, from finding the right mortgage, to securing the best interest rate. Also, they are supporting you through the application process. Banks can only promote their own products, while a mortgage broker can compare and provide you with multiple loan servicing options.

About Affiliated Mortgage

Affiliated Mortgage is an esteemed mortgage company with a wide-reaching system of branches located in 23 states, with its head office located in Rapid City, South Dakota. Besides the seven states of South Dakota, North Dakota, Arizona, Wyoming, Montana, Iowa, and Florida, our services are also available in many other states. Thus, we aim to make the process of getting closing cost assistance as straightforward and easy as can be for customers. Because our experienced personnel are always at your disposal to help customers get the most inexpensive mortgage rates. When you need a mortgage, there are many factors to take into consideration. Our team is available day and night to help you get started in no time and answer any queries you may have.

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Thursday, February 23, 2023

Unlocking the Benefits of Home Appraisal: What You Need to Know

If you are considering purchasing a home, understanding the home appraisal process is essential. A home appraisal is an evaluation of a home’s worth, conducted by a professional appraiser. Therefore, they are used to determine fair market value, which can be used to determine the price of a home. In this blog article, we will look at the home appraisal process. We will determine how to maximize the value of your appraisal.

What is Home Appraisal?

Though, a home appraisal is an impartial evaluation of a home’s worth. This is typically conducted by a professional appraiser, who has experience in evaluating properties. However, appraisers use a variety of factors to determine a home’s value, including location, condition, size, age, and amenities. But, a appraisal is typically conducted as part of the home loan process. The lenders will use the appraisal to determine the maximum loan amount they can offer.

Why Home Appraisals Are Important

Home appraisals are important for a few reasons. First, they give lenders an objective view of a home’s value. They can help them determine the maximum loan amount they are willing to offer. Second, they give buyers and sellers an accurate view of a home’s worth. It can help them come to an agreement on the sale price. Finally, home appraisals are important for tax purposes. The appraised value can be used to determine the assessed value of a home which can then be used to calculate property taxes.

Key Steps in the Home Appraisal Process

Hence, the home appraisal process typically involves four steps:

1.    Inspection- The appraiser will inspect the home’s interior and exterior, taking note of any structural issues or cosmetic damage.

2.   Comparable(s)- Appraiser will compare the home to similar properties in the area, to determine its market value.

3.   Documentation- The appraiser will document the home’s features. Such as its square footage, age, and condition.

4.   Reporting- Appraiser will submit a written report to the lender, outlining their findings.

How to Prepare for a Home Appraisal

Preparing for a home appraisal is an important part of the process. Here are some tips to help you prepare:

1.    Clean up – Make sure the home is clean and tidy, both inside and out.

2.   Do repairs – Fix any small repairs, such as broken door handles or cracked windows.

3.   Upgrade – If possible, make small upgrades to the home, such as replacing outdated fixtures or painting the walls.

4.   Remove clutter – Remove any unnecessary items from the home, such as excess furniture or knick knacks.

5.   Organize documents – Have all relevant documents, such as receipts for repairs or upgrades, available for the appraiser.

How to Maximize Home Appraisal Value

While there is no guarantee that you can increase the appraisal value of your home, there are steps you can take to maximize its worth. Here are some tips to help you maximize the value of your home appraisal:

1.    Research. Do some research on comparable homes in the area, to get a better understanding of the market.

2.   Invest. Invest in small upgrades, such as new appliances or a fresh coat of paint.

3.   Declutter. Remove any unnecessary items from the home, such as excess furniture or decorations.

4.   Stage. Consider staging the home, to make it more attractive to potential buyers.

5.   Appeal. Appeal to the appraiser’s emotions, by making the home feel inviting and comfortable.

The Benefits of Home Appraisal

In addition, home appraisals offer several benefits to buyers, sellers, and lenders. Appraisals can help them determine if the price of a home is fair for buyers. Appraisals can help them determine the asking price of a home for sellers. Hence, appraisals can help our investors determine the maximum loan amount they are willing to offer for lenders.

Common Home Appraisal Mistakes

While the home appraisal process is typically straightforward, there are a few mistakes that can be made. So, here are some common home appraisal mistakes to avoid:

1.    Not being prepared. Make sure the home is clean and tidy before the appraiser arrives.

2.   Not doing repairs. Fix any small repairs before the appraisal, such as broken door handles or cracked windows.

3.   Not understanding the process. Make sure you understand the appraisal process, so you can be prepared for any questions the appraiser may have.

4.   Not researching comparable homes. Do some research on comparable homes in the area, to get a better understanding of the market.

5.   Not appealing to the appraiser. Appealing to the appraiser’s emotions can help make the home more attractive and increase its value.

Tips for Working with a Mortgage Broker

Although, working with a mortgage broker can make the home loan process smoother and easier. Here are some tips we wanted to share with you when working with Affiliated Mortgage.  

1.    Ask questions. Ask any questions you may have about the loan process, so you can make an informed decision.

2.   Get pre-approved. Getting pre-approved for a loan can help you determine your budget and search for homes in your price range. It’s free and you can do this with no impact to your credit score.

3.   Be honest. Be honest with your mortgage broker about your financial situation, so they can provide the best advice.

The Mortgage Loan Process

Furthermore, our mortgage loan process typically involves the following steps:

1.    Pre-approval. When we assess your financial situation and determines the maximum loan amount you qualify for.

2.   Home Appraisal. This is when the appraiser evaluates the home to determine its fair market value.

3.   Negotiation. It is is when the buyer and seller negotiate the sale price of the home.

4.   Underwriting. So, this is when our investor reviews the loan documents and verifies the buyer’s financial information.

5.   Closing. It is is when the buyer and seller sign the loan documents and the loan is funded. So, this is where you win!

Conclusion

Moreover, understanding the home appraisal process is essential for anyone considering purchasing a home. Though, home appraisals are used to determine fair market value, which can be used to determine the sale price of a home. Preparing for a home appraisal is an important part of the process. But, there are steps you can take to maximize the value of your appraisal. So, at Affiliated Mortgage we help make the home loan process smoother and easier. By following these tips, you can ensure that you get the most out of your home appraisal.

About Affiliated Mortgage

Affiliated Mortgage is a well-known mortgage lender with a wide-reaching branch network spread across 23 states, with their corporate base in Rapid City, South Dakota. In addition to South Dakota, North Dakota, Arizona, Wyoming, Montana, Iowa, and Florida, our services are available in many other states. Our mission is to make the process of obtaining closing costs support as transparent and easy as possible for our customers. Our knowledgeable staff is always at hand to assist customers in getting the most competitive mortgage rates. When you’re in the market for a mortgage, there are several factors to consider. Our team is available 24/7 to assist you in getting started quickly, and answer any of your questions.

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Friday, January 6, 2023

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Friday, December 23, 2022

The Freddie Mac BorrowSmart℠ Program provides up to $2,500 in closing costs assistance.

The Freddie Mac BorrowSmart℠ Program provides up to $2,500 in closing costs assistance.

The large down payment is often the biggest barrier to homeownership, particularly for first-time buyers with little funds.

The Freddie Mac BorrowSmart℠ program may provide all the money you need to close on a home, provided that it takes a bite out of your down payment and closing costs.

What information do you require about Freddie Mac’s BorrowSmart program? The Freddie Mac BorrowSmart program may provide up to $2,500 in down payment/closing cost assistance based on area median income (AMI) and other eligibility criteria. 100% of the funds required to close the deal may be covered.

The program may be used with single-family homes, condominiums, planned unit developments (PUDs), and manufactured homes (not eligible for HomeOne).

When applying for Freddie Mac BorrowSmart, borrowers are assigned to one of three tiers based on their qualifying income.

Make sure your AMI and high-need area eligibility is checked: There is no need to panic if you don’t know the AMI of your city immediately. You can utilize the Freddie Mac Home Possible Income and Property Eligibility Tool to discover it.

If your income is above 80% of the AMI, you must also be in an eligible high-needs area. The ‘High-Needs Rural Tract’ will display ‘Yes’ if you are eligible or ‘No’ if you are not eligible through the eligibility search tool.

The Home Possible Income Limit is listed if the property is eligible for Home Possible, and you will find out whether you fall within the 50%, 80%, or 100% income bracket based on the AMI.

The Freddie Mac BorrowSmart program benefits homebuyers: Low-income homebuyers can benefit from Freddie Mac BorrowSmart assistance in several ways. First, the assistance may be used to fund up to 100% of the borrower’s required cash to close. Imagine buying a home with little to no down payment!

Even if it doesn’t cover all of the money required to close the deal, an earnest money deposit allows buyers to bring less money to the signing ceremony. That leaves a bit more in your pocket for future repairs, mortgage payments, and emergencies.

In addition to being mandatory, homebuyer counseling prepares buyers for sustainable long-term homeownership.

A competitive housing market may be empowered by the assistance, resulting in more confidence and purchasing power.

You can qualify for Freddie Mac’s BorrowSmart assistance program: Certain buyers are not eligible for Freddie Mac BorrowSmart assistance.

In order to qualify for a 12% down payment conventional mortgage, you must have an income level at or below 100% of the area median income. Next, narrow down the property type and purchase area (to the county and zip code level).

As of November 8, 2021, Freddie Mac BorrowSmart is available in all 50 states, except Hawaii and Alaska.

It’s time to get started: The Freddie Mac BorrowSmart program is an easy way to save money for future expenses or bring more money to the closing table for those who are eligible. You may even learn something during the home buying counseling session with one of our experts.

It is even better if this assistance is combined with gifts from family members and other down payment assistance.

Affiliated Mortgage completes a preliminary review of credit information before pre-approval. You have supplied verifying documentation voluntarily. Final loan approval is based on a full underwriting review of support materials such as creditworthiness, assets, income information, and an adequate appraisal, not including applicants.
Certain qualifications and restrictions apply; eligibility is contingent on program stipulations, qualifying factors, income and debt-to-income (DTI) restrictions, and property limits.

About Affiliated Mortgage: Through our 23 states branch network, Affiliated Mortgage is a reputable mortgage company. Our corporate headquarters are situated in Rapid City, South Dakota. In addition to South Dakota, North Dakota, Arizona, Wyoming, Montana, Iowa, and Florida, we operate in over 23 states. We are here to assist you with all aspects of financing your home. We are dedicated to simplifying the mortgage process for our customers. We provide transparency and ease at all times. Our professionals assist our customers in obtaining the best possible mortgage rates. When you need a mortgage, there are a lot of issues to consider. Our experts are available 24/7 to answer all of your questions and get the process started as quickly as possible.

Click here to check if you are eligible for BorrowSmart℠

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