Plano home loanAre you a senior or retired individual older than 62 who is looking to supplement their retirement income? If so, you may have heard about a unique financial product known as a reverse mortgage. In today’s blog post we will explore three myths about reverse mortgages and share why they need to be debunked. Let’s get started.

Myth #1: Reverse Mortgages Are Expensive

The first myth we will debunk is that reverse mortgages are costly financial products that are full of fees. In fact, nothing could be further from the truth. It’s true that there are closing costs attached to a reverse mortgage, just like with a traditional mortgage. These costs will vary depending on a wide range of factors, including the terms of the reverse mortgage, your financial history, your home’s location, size, assessed value and more.

If you are interested in a reverse mortgage, don’t let the potential fees or closing costs scare you off.

Myth #2: Children Inherit The Reverse Mortgage PaymentsPlano Home Loan

Many people believe that they are saddling their children with a mortgage payment when they take out a reverse mortgage, but this isn’t true. After you (and your spouse, if you have one) move on, whoever is overseeing your estate will have the option to sell your home and use the proceeds to pay off the balance of the reverse mortgage. Alternatively, they may decide to use cash to pay off the balance and keep the home. But your children aren’t going to inherit a monthly repayment.

Keep in mind that having a plan for your estate and a proper will is important, regardless of whether or not you have a reverse mortgage. Be sure to contact an attorney who is skilled in estate law for more information.

Plano Home LoansMyth #3: The Bank Ends Up Owning Your House

Finally, some believe that the bank will end up owning your home if you take out a reverse mortgage. This isn’t true either. With a reverse mortgage, you are borrowing money against the equity or value that you have built up in your home. You will continue to own the house, but the lender may place a lien against it to secure the mortgage loan.

These are just a few of the many myths about reverse mortgages that you might hear about or read online. When you are ready to learn more about this type of mortgage, get in touch with Warren Whitaker by phone or text at 972.523.8353 or Warren@Lendhome.com.  Warren will  be happy to share his insight and experience to help you choose the best mortgage and is happy to share financing options that will suit your budget.

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is here and ready to assist you.

Plano Home loanDid you recently receive your annual notice that the rent is going up? If so, you’re not alone. Millions of renters are seeing more and more of their income drained away due to higher rents. To make matters worse, every dollar in rent is one that you are not saving, investing or using to build your net worth. If you’re feeling the pinch of higher rents, it might be time to buy your first starter home.

Comparing Rent With A Mortgage

Have you ever done the math to understand how close your monthly rent might be to a mortgage payment? Here’s a quick and easy exercise. Multiply your monthly rent by twelve, and then multiply that number by 25. For example, if your rent is $1000 per month, that is $12,000 per year and $300,000 over 25 years. So if nothing changed from today, you could afford a $300,000 mortgage.Plano Mortgage Lender

Homes Are More Affordable Than You Think

Many first-time home buyers are convinced that they can’t afford to enter the market, but that is not the case. There are homes available that fit almost every budget or price range. In fact, it is less important to worry about the total cost and more important to worry about location, size and local amenities like schools and parks.

Remember, when you buy a house you aren’t just locking yourself into a rental contract. You are investing in a home and property have the potential to gain in value over time.

Plano home lenderA Few Other Considerations

Of course, there are some considerations that you will need to make as you start down the path to homeownership. The first is that your mortgage is unlikely to be your only monthly expense. You will also encounter property and other taxes, utility fees and if you buy a condominium or apartment, homeowners’ association fees. You will also be responsible for maintenance and upkeep since you own the home. But that also means that you are free to customize and renovate as you see fit.

Keep in mind that it is never too late to escape the rental trap. When you’re ready to start building your future by investing in your first home, contact Warren Whitaker by phone or text at 972.523.8353 or Warren@Lendhome.com.  Warren will  be happy to share his insight and experience to help you choose the best mortgage and is happy to share financing options that will suit your budget.

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Plano Home SearchAre you thinking about buying a new Plano home, townhouse or condo ? Whether you are upgrading, downsizing or investing, if you intend on borrowing the funds you’ll need to be pre-approved for a mortgage. In today’s blog post we’ll explore mortgage pre-approval and why this should be one of your first steps in buying a new home.

Pre-Approval Helps To Determine Your Budget

Do you know your budget? Mortgage lenders consider many factors when deciding how much they are willing to lend to a home buyer. While your employment status, salary, assets and credit rating are important, they are all pieces of a larger puzzle that help a lender to determine your risk. So regardless of how spotless your credit rating might be, you’ll want to get pre-approved for a mortgage before trying to figure out your total purchase budget.

The size of your down payment will also be a factor in determining your overall budget. If you still have a bit of time before you’re ready to buy a home, continue to put money aside for yourLoan Pre Approval down payment. The more you have, the less you’ll need to borrow.

Once Pre-Approved You Are Ready To Make An Offer

Once you’re pre-approved for your mortgage, you’re ready to submit an offer for the home. Note that you do not need to bid high just because you are approved for a large mortgage. Work with your real estate agent to determine the right asking price for the home. Submitting a bid that’s a bit lower than you’re willing to pay leaves you with a bit of room in case the seller makes a counteroffer.

Plano Home LoanMany Sellers Will Demand Pre-Approval

Finally, don’t forget that many sellers will require that you are pre-approved for mortgage financing before they’ll accept a bid or offer. Many listings end up receiving multiple offers, especially those in hot real estate markets or popular communities. So if you table an offer without pre-approval, you may find that it is rejected in favor of another buyer who is ready to go.

Once you’ve been prequalified for mortgage financing, pre-approval is the final step in the process before you’re ready to make an offer and purchase your new dream home. For more information about the pre-approval process, contact Warren Whitaker by phone or text at 972.523.8353 or Warren@Lendhome.com. He will share how to navigate the credit score and mortgage process so you can land the home of your dreams.

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Plano Home LoanBuying a new home is one of the most exciting experiences a person or family can have. Of course, before you can step foot into your new dream home you will need to get prepared financially, especially if you are taking out a mortgage to cover some of the purchase price. Let’s take a look at a few key steps that will help you to prepare for the financial background checks that are part of the mortgage process.

Square Up With The Government

The first place you’ll want to start is making sure that you are fully caught up on any income or other taxes. Rest assured that your lender will be checking your financial history and being behind on government payments is a significant red flag. Make a quick call to the IRS or visit them online to check on your status and verify that you’re fully paid up.

Scrub Your Credit History CleanPlano Home Loans - Loan Limits

Next, you will want to check in with the major credit reporting agencies to get a copy of your credit report. Your credit or FICO score is an important indicator that suggests your risk level and creditworthiness. However, any unpaid or delinquent amounts on your report are equally as important as they can signal that you may have skipped out on debts in the past. Check for any red flags on your credit report and work with the agencies to get them challenged or removed

Get Your Down Payment Saved Up

You’ll also want to have your down payment amount saved and ready for use. Your mortgage lender will want to know how much of your savings you’re contributing to the overall purchase price. Also, if you’re committing less than 20 percent down you may be required to purchase private mortgage insurance.

Plano Home Loans Warren WhitakerHave All Your Paperwork Ready

Finally, check in with your mortgage lender to find out what paperwork you’ll need to bring in for your approval meeting. Recent W-2 or tax returns, pay stubs and financial asset information is a good place to start. Your lender may have other requirements so check in to find out what’s needed or give us a call and we can share some insight.

These are just a few of the tasks that you’ll complete on the path to securing your mortgage financing and buying your new home. For more information on the mortgage process or to start your pre-approval, contact Warren Whitaker by phone or text at 972.523.8353 or Warren@Lendhome.com. He will share how to navigate the credit score and mortgage process so you can land the home of your dreams.

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Plano Texas real estateAre you thinking about buying a Plano house or condo? In many markets across the country, there’s never been a better time than now to become a homeowner. In this post, we’ll share a few reasons why the conditions are right to jump into the market and buy a new home.

Interest Rates Are Heading Up

If you’re like most home buyers, you’re probably looking to make use of mortgage financing to help spread out the purchase cost over a longer period of time. If so, you’ll want to make a move in 2017 so you can lock in a low interest rate. The Federal Reserve has indicated that interest rates are going to continue to rise over the next year or two. If that prediction holds true, mortgage costs will continue to grow along with rates. Buying in 2017 means that you’ll be able to secure a lower mortgage rate which in turn will save you money.

It’s A Buyer’s Market In Most Areas

Depending on the community that you’re looking to buy in, you may find that it’s a bit of a buyer’s market. There are a number of individuals looking to sell their homes to lock in the price Buyers Marketappreciation that’s taken place during the recovery since the 2008 financial crisis. More listings on the market mean that sellers will be open to negotiation as they won’t want their home sale to take weeks or months. If you’re pre-approved for your mortgage financing and are serious about buying, you may be able to convince a seller to take a lower offer than they normally would.

You’ll Start Building Real Net Worth

Of course, one of the best parts of buying a home is that it’s a significant financial investment. Properly maintained, your home should continue to increase in value over time. As you continue to invest in upgrades and renovations, you’ll build more and more equity that can be used as leverage for additional credit or just pocketed when you eventually decide to sell. Even though every market has its ups and downs, Plano home real estateowning real estate is a far greater path to prosperity than renting.

When you’re ready to get into the market and find your dream home, contact Warren Whitaker by phone or text at 972.523.8353 or Warren@Lendhome.comyour local mortgage professional to learn more.

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Plano Home LoansIt may feel like a very daunting task to consider buying a Plano home after you’ve declared bankruptcy, and there’s no doubt that it’s an uphill battle. Fortunately, while you’ll have hard work ahead, there are things you can do in order to make your dream of home ownership a possibility. Whether you’ve just declared bankruptcy or some time has passed, here are some things you should consider before getting into the market.

Wait It Out

It might not be what you want to hear, but it’s, unfortunately, the case that you’ll have to wait at least two years before you purchase a home following bankruptcy. Since lenders will not want to take the risk on someone that has proven to have poor financial habits, they will require a waiting period in order for the credit risk you pose to improve. While this may seem like a long time, take the opportunity to improve your financial habits so you can be amply prepared when the time comes.

Build Up Your CreditPlano Mortgage

In order to own a home, you’ll need to develop some solid financial habits, and that means getting on top of your finances even in times when it feels like you have no leverage. Ensure you get a copy of your credit report and, if you notice any errors, reach out to the credit bureau for corrections. It’s also a good idea to consider applying for a secured credit card and ensure that you pay all of your bills on time. While it might feel like a lengthy task, developing good habits will have a positive impact on your credit over time.

Plano mortgage ratesPrepare For Your Payment

When it comes to a poor credit history, you’ll need to pull out every stop you can to that convince lenders that you’re a solid financial bet. Instead of wasting the time, write up a budget for yourself and save a sizeable sum for your down payment each month. It’s possible that 10 or 15% down will do, but a 20% payment will help you avoid private mortgage insurance (PMI) and will go further in convincing lenders of your reliability.

It’s more than a little disheartening to have to deal with bankruptcy, but by waiting it out and developing good financial habits in the interim, you’ll be well on your way to buying a home. If you’re currently preparing to purchase, contact Warren Whitaker at 972.523.8353 or Warren@Lendhome.comyour local mortgage professional to learn more.

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Home loan infoThe mortgage application process can be fraught with a lot of stress on its own, but if you’ve experienced issues with your credit in the past it can be even more taxing. While there may be a lot of things you may not be aware of when it comes to their impact on your credit, here are some things to watch out for if you’re planning on purchasing a Plano home in the short-term future.

Applying For Extra Credit

Whether you’ve just been offered a great new deal by a department store or you’re not even thinking about itPlano home rates, new credit cards can pop up with deals that are quite enticing in the moment. Unfortunately, applying for new credit can actually signal to lenders that you’ve run out of credit on your other cards. Not only that, it will also have an adverse impact on your credit score each time you apply for new credit. If you’re considering a mortgage in the near future, it’s a good idea to hold off on any additions to your wallet.

Not Paying Your Bills

It may seem straightforward enough that not paying your bills is going to land you in hot water with your credit score, but many people think paying the minimum at any time will do. The truth is that if you want to keep your credit in line and improve your odds, it’s important to pay your minimum before the due date and always pay your bills. The only thing deferring payments will do is add marks against your credit, and this will be damaging come application time.

Plano Mortgage RatesDon’t Avoid Your Credit Report

Many people who have a poor credit history are aware of the situation, but they’re also unwilling to address it. While it may be difficult to approach your credit report if you’ve had some hiccups in the past, it’s important to know what point you’re working forward from so you can move beyond it. Instead of ignoring it, get a copy of your credit report and review the numbers. Not only will this enable you to address any errors, it means you’ll be facing your issues head on.

There are a number of factors that can adversely affect your mortgage application, but by avoiding new credit and paying your bills on time you can have a positive impact on the result. If you’re currently in the market for a new home, contact Warren Whitaker at 972.523.8353 or Warren@Lendhome.comyour local mortgage professional to learn more.

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Plano HomeSo you’ve been pre-approved for a Plano Home mortgage – great! You’ve taken the first step toward becoming a Plano Homeowner. But before you start picking out china patterns, you’ll want to keep in mind that a pre-approval isn’t the same thing as a mortgage agreement. There’s still no guarantee that you’ll actually get a mortgage.

But why would a lender deny a mortgage after pre-approving a borrower? Here’s what you need to know.

Sudden Changes In Income Or Employment HistoryPlano Home Loan

A number of mortgages will require borrowers to have consistent employment for a certain length of time. If you apply for an FHA mortgage, for instance, you’ll be obligated to have an employment history dating back at least two years. Any gaps in your employment history will require a written explanation that your underwriter will need to approve.

If you switch career fields while in the process of buying a home and it has a significant impact on your income, your lender may deny your mortgage.

Credit Mismanagement After Pre-Approval

Lenders like to see consistency – so if your credit score suddenly drops after you’ve been pre-approved for a mortgage, it sends up a red flag. Even something as minor as a late payment on a cell phone bill could affect your credit score just enough to cause your lender to deny you. Pay extra attention to your bills throughout the home buying process, and make sure nothing slips past you.

Plano Real EstateTaking On More Debt In The Interim

A number of buyers will take on more debt after they’ve been pre-approved for a mortgage. Although it may be tempting to get a new car to go with your new house, getting a car loan will change your debt-to-income ratio and cause your lender to think twice about how responsible you are. If you’re in the process of buying a home, hold off on any other major purchases until after the deal has closed.

An Unsatisfactory Bank Appraisal

Sometimes, your mortgage can be denied for reasons that have nothing to do with you. Some lenders will only Plano Real Estateissue a mortgage if the property value of the house in question is appraised above a certain level. Others will deny a mortgage if the home requires roof repairs, electrical work, or a new heating system.

You’ll want to check with your lender to see what home conditions could be cause for denying your mortgage application.

Getting approved for a mortgage is a convoluted process at best, but a mortgage advisor can help you to navigate the approval process with ease. Contact Warren Whitaker at 972.523.8353 or Warren@Lendhome.comyour local mortgage professional for more information and for more tips on how to ensure you get approved.

Plano real estatePurchasing a home is often considered an important step in one’s financial life, no matter what point you arrive at it, but there are things you should know about financing your home purchase before stepping into the fray. If you’re planning on buying a home soon and want to avoid some major missteps, here are a few tips that will set you up for success.

Taking The Lender You’re Offered

In the event that you’ve been pre-qualified for a certain amount, you’ll want to find a lender that will make the process towards a home purchase a little bit smoother. Instead of going with the first option that’s offered, do some research and come up with a shortlist of potential lenders that have good reviews and have been around the industry for a significant amount of time. The process will be a lot more comfortable if there’s someone on your side you know you can trust.

Keeping Your Credit History In The Darkplano home loans

Without a doubt, the lender will be looking at your financial history in order to determine the amount of financing you will receive, but it’s still important to be prepared on your end so that you know what to expect. Start by acquiring your credit report so that you can correct any inaccuracies on it and be prepared for what this score will say about your financial viability. When it comes to the financing you’ll need down the road, the right information on your credit report will make a difference in the end result.

Plano home real estateForgetting About The Loan Officer

If you’ve already established who your lender will be, it’s still important to meet with the person who will be handling your loan and make sure they’re someone you can trust. Ensure that you are aware of their qualifications and that they have enough previous experience in their back pocket to provide you with insights that may come in handy. While having a reliable lender is certainly a good start, the right individual to handle your loan will be someone who is licensed and involved with a local, professional mortgage association.

All of the things involved with mortgage financing can be quite complicated, but by finding the right lender and preparing yourself for the tough financial questions, it can be a much easier experience. If you’re starting to consider your options for a home purchase, you may want to contact Warren Whitaker at 972.523.8353 or Warren@Lendhome.com, one of our local mortgage professionals for more information.

Plano home loanWhen delving into the realities of home ownership in Plano, TX, there can be many factors involved that make it difficult to determine what you need to know and what can wait until later. If you happen to be a first-time buyer who’s looking for the best tips for purchasing a home, look no further than the following three pointers to set you on the right path

Number 1 – Get Familiar With Your Credit Score

If you haven’t looked at your credit report for a long time, it can be a daunting task to request this information. Fortunately, your credit report is free from AnnualCreditReport.com and it will prepare you for what lenders are going to see. By taking this important step, you will be able to determine any delinquent accounts or balances owing that have gone to collections, and hopefully have these cleaned up before they can become a problem for your mortgage.  Be aware that the credit report from AnnualCreditReport.com WILL NOT include your mortgage credit score.

Number 2 – Determine The Price You Can or Want To PayPlano Home Loan

While you may have a price in mind for what you’re willing to pay for a home, it’s important to determine your debt-to-income ratio before putting in an offer. Your DTI ratio can be determined by taking your total monthly costs, adding it to what you would be paying for a home and dividing it by your monthly gross income. If it’s a housing price that will work for you, this amount should equate to less than 45%.

Number 3 – Organize Your Housing and Work History

If you have a good history as a tenant, the next step will probably be the easiest of all, but it’s very important in order to prove you’re a responsible candidate for home ownership. A lender will need a 2 year history of your home addresses plus a 2 year history of your employment address.  A lender will use your Gross Monthly Income (income before taxes) to determine your DTI.

Plano Home LoansThere are a lot of things to know when it comes to buying a home, but if you’re a first time buyer the most important thing is to ensure that your finances are organized and that you’re not diving into more house than you can be approved for. By taking the time to determine your debt-to-income ratio and looking into your credit, you can ensure a positive first-time buying experience. If you’re wondering about homes for sale in your area, you may want to contact Warren Whitaker at 972.523.8353 or warren@lendhome.com, your trusted real estate professionals for more information.

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