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15 Year Fixed MortgageThis loan is perfect for any homeowner that wants to own their home twice as fast. The 15-year fixed rate mortgage offers a lower interest rates and smaller monthly payments than the 30 year mortgage, but because you are making constant repayments instead of larger ones over time like with a thirty year loan, it's important to make sure your budget can handle the higher burden on your wallet. Weâre here to make the home loan process as easy and painless for you as possible, with tools that will help guide you along the way. You can use our 15-Year Fixed Rate Mortgage Qualifier to compare different rates, or take advantage of one of our online calculators so that your loans are always at a competitive interest rate. The 15-Year Fixed Rate Mortgage Loan ProcessHereâs how our home loan process works: Do I Qualify?Interest rates are low and should always be taken into consideration when choosing a loan. Fixed-rate loans may seem more expensive than adjustable rate mortgages, but in the long run they can save you money as your interest will not fluctuate with market conditions like it does on an ARM.
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MORTGAGE Zip Code: The post Test Post appeared first on Affiliated Mortgage. via Blogger Test Post Why You Should Understand Seller ConcessionsHomeowners who are looking to sell their home can help you save thousands of dollars upfront or over the life of the loan. There are two ways that Sellers can help you.
When you buy a house, you must think beyond the down payment. You must also consider the closing expenses. Unfortunately, closing costs can be quite expensive, particularly if youâre short on cash for the down payment. What Are the Seller Concessions? Closing costs may be covered by the seller. Once you apply for a loan, Affiliated Mortgage will provide you with a Loan Estimate, which lists all the expenses you will have to pay at closing. You and your real estate agent can then discuss whether you want the seller to bear certain charges. Seller Concessions can also be used to buy down your interest rate, which could save you thousands of dollars over the life of the loan. Seller concessions benefit whom? Providing concessions can benefit both the buyer and the seller. In a buyerâs market, concessions can make their home more appealing to potential buyers. Buyers who donât have enough cash to cover all their closing fees can benefit from seller concessions. First-time home buyers often have a difficult time estimating the expenses associated with purchasing a home, so seller concessions can help make the property more affordable. Seller concessions have both advantages and disadvantages. There are both advantages and disadvantages to requesting seller concessions for buyers. Before you decide whether you want to request seller concessions, you must first understand what they are and the potential consequences. Seller concessions have advantages. A home purchase can be made more affordable with seller concessions, as these allow you to pay less at closing in return for lower upfront costs. Closing costs and your down payment usually amount to a few thousand dollars. You may not have to empty your bank account to buy a home if you take advantage of these concessions. In some cases, agreeing to concessions can be beneficial for the seller. For instance, they may help the seller get their home off the market faster. If the seller is eager to sell their home, they may be willing to pay part of the buyerâs closing costs to hurry up the process. Seller concessions have several drawbacks. It may make you a less-desirable purchaser by requesting seller concessions since most sellers prefer to make offers with few strings attached, especially when the market is in favor of the seller. If there are multiple bids on a home, the seller is unlikely to accept concession requests. Offering a lower price on the home and covering closing costs yourself may be the better option in this situation. This approach is easier for the seller and may increase the chance your offer will be accepted. Seller concessions can be negotiated. To negotiate and understand the current housing market, you must request concessions. In the first place, you must establish whether youâre in a buyerâs market or a sellerâs market. This will heavily influence your ability to negotiate for reductions. When a sellerâs home has been on the market for a while or when itâs a buyerâs market, sellers are much more willing to make concessions. When asking for concessions, donât ask for too much else. The seller prefers a straightforward offer. If you ask for repairs, replacements, and services in addition to concessions, the seller is more likely to reject your offer. If you need repairs, consider lowering your price and covering the closing expenses yourself. Itâs always a good idea to work with a real estate agent if youâre hoping to get a discount. An agent can provide you with information on the local housing market as well as comparable homes sold with concessions. You may use examples of recent seller concessions to motivate your seller to agree to a lower offer or to provide closing costs. Your real estate agent may help you decide whether you should ask for closing costs or make a lower offer if he or she thinks youâre in a sellerâs market. Are seller concessions unlimited? Your seller canât cover all your closing expenses. The amount your seller can pay is contingent on the kind of loan you receive as well as a few other factors. The sellerâs contribution must not exceed your total closing charges. For example, letâs suppose you purchase a house for $200,000 with a conventional loan and a 20% down payment, leaving you with a $160,000 mortgage. Using an average closing cost of 6%, the seller may contribute $9,600. Assuming that your closing costs for this loan are only $5,000, the seller may not offer you more than $5,000 in seller perks. There are limits to seller concessions. Why? Why is it pointless to limit seller discounts? Fannie Mae and the Department of Housing and Urban Development, which regulate mortgages, restrict seller discounts to prevent inflation in the housing market. Suppose you want to buy a house worth $150,000. The seller tells you heâll sell you the house for $175,000 and that you can keep whatever is left over. This offer might be a great deal for you, but it will cause local housing prices to rise. When other sellers and agents see what the home sold for, the prices of other homes will go up to match the inflated market value. Sellers are restricted in how much of their homeâs value they can contribute to closing costs, to avoid this cycle causing home and rent prices to rise to unsustainable levels. The amount that a buyer can discount is limited by the type of loan. Seller concessions are restricted by loan type. The lesser of the sale price or the appraised value usually determines how much your seller can pay in concessions. Suppose you want to buy a house for $155,000 and the house is appraised at $150,000. In this case, if the seller concessions are limited to 3%, the seller can contribute up to 3% of the appraised value, or $4,500, towards closing costs. Contact Affiliated Mortgage to better understand the seller concession limits for common loans. Non-conventional loans are available. The limit for conventional loans is determined by how much you want to put down: The FHA provides loans to borrowers who cannot afford to pay the whole cost of a house at one time. Up to 6% can be contributed by the seller for all FHA loans. Veterans Affairs home loans. The seller must contribute up to 4% on a VA loan. In addition to paying down buyer credit debt, VA funding fees may be covered by seller concessions. Are seller concessions common? It is common for there to be seller concessions, but they are more common in a buyerâs market than a sellerâs market. Are closing costs included in the sales price? You should include any seller concessions in your contract to avoid paying closing costs. Are seller concessions included in the purchase price? Seller concessions are not directly paid by the seller out of pocket. They come out of the sellerâs profit for the sale. Should you request seller concessions or a lower sales price? Seller concessions are the best option for you if you want to have as few closing costs as possible. The Conclusion: Seller concessions are the closing costs the seller agrees to cover. They can make a home more affordable for the buyer, and they can help the seller close the sale. Itâs up to you and your real estate agent to decide whether youâve got a good chance to obtain concessions. In case the market is suitable, you may be able to request the seller to pay for part or all your closing costs. About Affiliated Mortgage: Weâve helped thousands of individuals over the last 20 years. Whether you desire to purchase your first house, purchase a used home, refinance your current house, use our convenient mortgage calculator, seek out real estate for sale near you, invest in real estate, or buy investment property, we are here for you. We are Americaâs trusted mortgage lender. Please get in touch with one of our mortgage specialists immediately. Weâve got you covered. Latest Blogs
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Should you buy a foreclosed homeSafely
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Pre-qualify |
Pre-approval |
Employment Information |
Copies of pay stubs that show your most recent salary information |
Credit Check |
Credit check |
Basic Information about bank accounts |
Bank account number or two most recent bank statements |
Down payment amount and desired loan amount |
Down payment amount and desired loan amount |
No tax information is needed |
W-2 statements, personal and business tax returns from the past two years |
Mortgage Prequalification vs. Pre-approval Comparison
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Prequalify |
Pre-approval |
Benefits |
You can start looking for houses knowing how much you will be able to afford |
You will be ready to make an offer to the seller. It will gain you competitive advantage over other potential buyers. |
Process |
Provide basic financial information to the lender and get a pre-qualification letter within minutes. |
After submitting the required documents for the loan application, you will receive a decision within 10 business days. |
Documentation |
Need to answer a few questions designed to evaluate your financial situation, plus a credit check |
Need a proof of financial information, plus a credit check |
Pre-qualification vs. Pre-approval: Which One is Right for You?
For first-time homebuyers, a mortgage pre-approval tends to be more helpful, especially when they are establishing their budget for home buying and need an idea of how much they might be able to afford.
Pre-approval comes out really handy when the homebuyer is ready to make an offer on a house, especially in a competitive market where you might want to stand out among other potential buyers. The seller will take your offer more seriously if you have your creditworthiness and finances verified from a lender.
Complete our secure credit application and get preapproved to buy a new home or refinance your existing home in as little as 30 minutes.
Want to know if you prequalify to purchase a new home? Start the process today by working with one of our expert loan professionals!
Want to know if you prequalify to refinance your existing home? Our expert mortgage brokers are standing by ready to help you get started.
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Whether you are looking for a home to live in, or rent out for income, or flip and sell, you may be tempted to purchase a foreclosed home.
But should you buy it? Is it a good option? For that, you need to understand some background information on foreclosed homes.
A foreclosed home is a property that has been through the foreclosure process, which was initiated because either the borrower defaulted or failed to make monthly payments, and did not take alternative steps such as a deed in lieu of foreclosure or loan modification.
Once the bank or the lender takes possession of the property, it wants to unload it as quickly as possible, and oftentimes that means a significant discount for the next home buyer. To redeem its investment, the lender will send the foreclosed home to an auction, where a buyer or an investor purchases this property.
Now that you know about foreclosed houses, we should explore whether you should purchase a foreclosed property or not. So, here is the comprehensive detail of the potential advantages and disadvantages of purchasing a foreclosed home to make it easier for you to make a decision.
Here are some of the most common benefits of purchasing a foreclosed home
One of the major benefits of buying a foreclosed house is snagging a great deal. Lenders are eager to unload the property and recoup their money as soon as possible. This gives the new home buyer a chance to negotiate the purchase price down and pay less than he normally would for a similar home.
When you are buying a home on a limited budget, a foreclosed home gives you a chance to get into a neighborhood you otherwise couldnât afford. This is important if you are looking to purchase a home in a particular district that either has the amenities you want or is closer to your office or kids school.
On the flip side, there are some disadvantages as well to purchasing a foreclosed home. For example
When you purchase a foreclosed home at an auction, know that you will need to pay the purchase price in full-cash.
Granted, that you do not need to come with the full price on the day of auction, but you will probably need it at least for the down payment. And you will need to pay the rest of the purchase amount soon after. So, purchasing a foreclosed home is only a good option when you have enough cash flow going on.
Homeowners who became unable to put the monthly mortgage payments probably had cash-flow issues, so their properties are usually left in dis-array. Furthermore, lenders that possess the foreclosed homes rarely make any repairs. So, when you buy a foreclosed home, you probably have to purchase it as-is.
Although lenders tend to unload foreclosed properties quickly, the closing process can be escalated. As lenders often have backlogs that delay closing. Therefore, if you want to move into your new home quickly for some reason, you may want to think twice before buying a foreclosure.
On the surface, foreclosed homes seem very appealing. However, costs can be highly unpredictable and the underlying damage could make a property undesirable. The buying process is also very sluggish so itâs important that you assess the risks thoroughly before you make any decision on purchasing a foreclosed home.
While that being said, foreclosed homes can also end up being incredible deals for some buyers. But you should work with an expert and have a game plan for the required cash-flow to take advantage of such a situation.
Complete our secure credit application and get preapproved to buy a new home or refinance your existing home in as little as 30 minutes.
Want to know if you prequalify to purchase a new home? Start the process today by working with one of our expert loan professionals!
Want to know if you prequalify to refinance your existing home? Our expert mortgage brokers are standing by ready to help you get started.
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Purchasing a new home is an incredibly exciting event, but it can also be very stressful. Finding a home that fits your needs and desires is not always easy, and it takes a lot to finally decide to put an offer in. Once you submit your offer, you have to just wait for the seller to respond. Time does not move slower than when you are waiting.
While there are general time periods and some state rules, there is no set time period. In this post, we will dive into the details of how long a home seller has to respond to an offer from a buyer.
Making an offer on a house is only the first step. As a buyer, you may have several prospective houses and be eager to move forward with one. Oftentimes, you will make your offer on your top prospect, but another home will not be far behind. Of course, you want to give your top option a chance before moving on to the next in line. But how long will it take to hear back from a seller?
The time frame greatly depends, but generally, sellers respond within 48 hours. 24 to 48 hours is the typical timeframe you can expect to hear back about your offer. However, there are cases where a seller may take longer than that.
Waiting for the seller to respond to your offer may seem like an eternity, but always remember to be patient. The seller is also making a big life decision and wants to make the best one. Allow the seller an adequate opportunity to review and respond to your offer. While you wait, review your offer to determine if you could better the offer in any way and what you may be willing to adjust if there is a counteroffer.
The offer itself, as well as the state you live in, will determine how long the seller has to respond to or accept the offer. Some states, like California, have set time limits for responding to the offer. However, many states do not have these regulations. Consider setting a time limit on your offer if you are concerned about how long the seller will take to respond.
As a buyer, you can determine how long the offer will be valid. Setting a timeframe will help ensure you receive a response in a reasonable amount of time, but make sure the time limit is fair and does not rush the seller. Keep in mind that the timeframe will likely be longer if a bank is the one selling the property. If you add a time limit to your offer, the offer is only valid until that date and time. Should the seller miss the deadline, the offer will expire.
If you do choose to add an offer expiration clause, you may wonder what the minimum amount of time you must give is. While you can decide how much time you would like to give, it is important to be reasonable. Rushing the seller will not make them more likely to accept or respond to your offer. It is recommended that you offer at least 48 to 72 hours for the seller to respond.
Counteroffers are a common part of the home buying process. Once a seller submits a counteroffer, the ball is in your court. Some counteroffers will include a time constraint. If it does not, the best practice is to respond within 24 to 48 hours (72 at the latest), just as you want the seller to.
One important thing to remember is that a seller does not have to respond to an offer. Ever. Sometimes, sellers will not respond to an offer they find too low or unreasonable. The seller is not required to send an official rejection letter. If you are really interested in the home and the seller never responded, it is best to resubmit a better offer with new terms.
Ultimately, there is no standard timeline for when sellers must respond to your offer. Typically, most sellers respond within 72 hours. You can include a time limit in your offer, but you should be reasonable as well. Check with your state to see if it has any rules regarding residential purchases as well. Successful negotiation is about finding a balance between patience and assertiveness.
Complete our secure credit application and get preapproved to buy a new home or refinance your existing home in as little as 30 minutes.
Want to know if you prequalify to purchase a new home? Start the process today by working with one of our expert loan professionals!
Want to know if you prequalify to refinance your existing home? Our expert mortgage brokers are standing by ready to help you get started.
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