Monthly Archives: July 2012

Choosing Private Mortgage Banks Are The Way To Go!

According to The Wall Street Journal, choosing a large commercial mortgage bank can take up to 70 days longer to close on a mortgage loan or refi.  Go with a smaller lender to get better rates and quick loan approval.

Choosing a private mortgage lender has it’s benefits over large commercial banks.  Private mortgage lenders typically make their own assessment and lending decisions,  if they are comfortable with the case for financing, as well as the risk related to the deal, they will issue a commitment to fund the deal.

Questions pertaining to your home loan will most likely take longer to answer with commercial banks.  Commercial banks rarely  lend on properties which need repairs or rehab, Strict LTV (loan-to-value) ratios to which they will lend.

To find out more contact us: www.mrloanapproval.com

Amcap Mortgage Ltd.,  offers the BEST mortgage rates in Spring, Tomball, Cypress, and The Woodlands!

Advice For First Time Home Buyers in Spring, Cypress, The Woodlands, and Tomball!

Are you a first time home buyer in Spring, Cypress, Tomball, or The Woodlands?  Buying your first home is one of the most important and memorable milestones made in your life.    Here are just a  few steps to consider before and during the home buying process to make it a smooth ride home!

Your Credit Score Matters!

Credit scores pretty much determine the home loan you can be approved for, as well as the down payment and mortgage rate.  If your credit score is below the needed score to buy a home loan then you must raise your credit score.  There are many options your home loan lender can  offer you if you need to raise your credit score.

Shop Around Local Mortgage Companies For Pre-Approvals and Mortgage Rates!

Acquiring a pre-approval is one of the MOST IMPORTANT and CRUCIAL steps to take BEFORE searching for a home.  Pre-approvals save time, money, and sanity!  Along with the pre-approval, your lender will  give you an idea of what your local fees, taxes and closing costs are.  Different mortgage lenders offer different rates, it is best to shop around for the mortgage company that suits your needs.   They can offer different loan options, such as FHA/VA loans, State and Local Housing Programs, Fixed Rate Loans, or conventional Loans just to name a few.

Time to Begin Your New Home Quest!

Contact a notable Realtor!  Word of mouth is always best to search for a Realtor.  Ask people you know who recently bought homes and what Realtor they used.  Your mortgage company can refer a Realtor as well since they work hand in hand with them, and of course your lender would want the best for you!  Do your research, Realtor.com is a great way to find what you are looking for.  Print the properties your interested in, suggest them to your Realtor to get more information.

Set Your Game Plan!

Look at as many properties as possible to give a more broad spectrum on what you are actually searching for.  Know what you want, know what you need.  If you need a 4 bedroom house with 2.5 bathrooms, settling for a 3 bedroom house with the idea of adding a new room can wind up being more of a cost, and add un-needed stress.  Make sure to bring a pad and paper,  jot down the likes and dislikes of each property.  Bring a camera; take pictures of the neighborhood, backyard, landscaping etc., and of course the inside of the homes.   Engage in conversation with the neighbors, ask questions about the property, what their likes and dislikes of the neighborhood  are.   C0nsider neighborhoods outside your desired location,  shopping for a home in Spring may be what you want,   but  you may find the home of your dreams in Cypress with a bigger lot and  lower cost.  Don’t restrict yourself to one location.

Start The Bidding, and Get The Home Inspected!

Allow your Realtor to make an offer to the sellers, it is common for sellers to counter-offer.  Be flexible don’t “low-ball” the price, you might end up losing the bid.  Make sure you get the home inspected, there may be hidden problems such as foundation, roof, termite, and mold issues.  If there are costly problems, there may be a possibility the seller pay for the repairs.

Submit Your Mortgage Application!

Since you have already gone through the pre-approval, your lender will  then ask for copies of the financial documents needed.  Such statements include  bank account information (proof of down payment and closing costs),  pay stubs from your current employer, proof of other types of income, tax statements, as well as current debt.

Once  The  Steps Are achieved, Get Ready to Close on Your New Home Loan, and Move Into Your New home!

Spring, Cypress, Tomball, and The Woodlands!! Bigger Homes ARE Better!!

 

New York City!  One of the GREATEST CITIES in the world!  Young couples are trading in their somewhat roomy apartments for apartments smaller than the average closet! 

If you’re interested in moving to a closet-I mean apartment, here are some tips to live “comfortably”:

  •  Hide Clutter!  Meaning wear your shoes when you come in; leaving them at the entry just makes the place look like a total mess!
  • Go Small!  Really? Isn’t it already small?
  • Be Creative About Storage!  If there is space for storage.
  • Be selective About Art!  Now that some really sound advice!
  • Cut Out on Garbage!  They say to compost….hmmm….WHERE??
  • Keep the Windows Clean!  If you’re lucky to have a window.
  • Limit What You Buy!   No Sam’s club 40 pack TP?  Well since I noticed there wasn’t a commode, I guess you don’t really need a 4 pack of TP.

Reminds me of The Woman Who Lived in A Shoe-Minus the shoe part!

Kudos to those who can pull this off!  I know I couldn’t!

Watch the video!!!  Tips To Living in a 240 Sq. Ft. Apartments in NYC!  They obviously don’t have lil ones!

Spring, Cypress, Tomball and The Woodlands!! 3 Tips to Obtain a 3% Refinance Rate or Mortgage Rate!

 

Below are 3 beneficial tips to obtain a low 3% mortgage interest rate in Spring, Cypress, Tomball, and The Woodlands!

Don’t be a victim of poor credit scores!- The better your credit score is, the lower your interest rate will be.  Anything from applying for credit cards, or late payments can ruin your credit score and raise the interest rate.

The more cash you put down on the property-the lower the rate!  At least 20% in either cash (for mortgage buyers) or equity (refi)  will get you a better rate.

Shop around for a lender!  Most offer free rate quotes and should guide you to obtain that low credit score.  Word-of-mouth is another option to finding the right lender-ask recent mortgage buyers what lender they chose and if they were satisfied with their rate.

Spring, Tomball, Cypress, and The Woodlands-The Advantages of FHA Loans!

Another option for a home loan, besides a conventional loan, is an FHA loan!

There are many loan options available to home buyers in Spring, Tomball, The Woodlands, and Cypress!
FHA loans are a great option! 3.5% down, 620 credit score, and the loan is federally backed!

We offer Spring, Cypress, Tomball, and The Woodlands FHA loans and all other types of home loan options for you!