The service that I received from 1st Eagle was great. The process flowed smoothly all in large part to the proactive processing by Pamela Kosowski. I was able to close my loan in a fast and efficient manner.
So you think you found your dream home – you’ve envisioned your family there, what you want the living room to look like, and are already picking out furniture. Congratulations, but before you buy that sofa, you need to go through the lengthy process of buying the actual house.
Buying a home is probably the largest and most emotional purchase you’ll ever make, especially for first-time homebuyers. With that said, it can also be a complicated, frustrating process if you don’t have solid knowledge about what to expect going into it.
At 1st Eagle Mortgage, we’re here to guide you and hold your hand through the mortgage loan application process and beyond. Learn our eight tips for how to ensure your home purchase goes as smoothly as possible:
1. Plan out your finances.
Time to get out some spreadsheets and plan out this purchase. Prepare for every single financial line of buying a home – HOA fees, closing costs, home repairs, inspections, taxes…All these costs come with owning your home, and they can add up. Give yourself a healthy cushion on your budget so you can accurately plan for these needs.
2. Be careful with your credit.
After 1st Eagle Mortgage connects you to the perfect loan for you and you’re approved, you need to understand certain dos and don’ts. For example, do keep paying your rent or mortgage and all your bills on time. But don’t make a big purchase, like a car, for example, or go crazy charging your credit card bill with all your home décor shopping. These mistakes could seriously hurt your credit and therefore cost you your dream home.
3. Prepare for the worst.
Like we said, home buying can often be a complicated and frustrating experience. A crisis can pop up at any moment – during the loan approval process, inspection, closing. Prepare for if and when something unexpected happens by leaving a lot of room in your budget for surprise costs and make sure you have the right professionals on your team that can walk you through how to handle the situation.
4. Don’t wait on the home inspection.
First of all, you usually have to schedule an inspection in a certain period of time, and it’s one of the most critical parts of home buying when it comes to negotiating the offer. Make sure you move quickly on this part so you can find a highly rated inspector who can get the job done well.
5. Stick to the contractual timeline.
Your offer was accepted – congrats! Does that mean you’re done? No. To avoid delays in closing, make sure you’re following the timeline given. Also, make sure everyone on your team (realtors, lender, escrow, etc.) is on the same page with this timeline. Communication is key here.
6. Treat the investment like a business.
Think of your home as your business. You’re putting a large investment into it, and you need to know when to walk away from a bad deal. Try to think more with your head than your heart and emotions that tell you this house is “the one”, because this purchase is very important, and, like dating, there are always more fish in the sea.
7. Don’t get too emotional.
Speaking of emotions, don’t get too upset if the deal you thought was your dream home falls through, or you have to walk away. But also, regarding negotiations, don’t get too hung up on minor cosmetic changes that you can fix later. Stay focused on the big picture.
8. Find a team you can trust.
We can’t stress enough how important it is that each member of your home buying “team”, from your mortgage broker to your realtor to your escrow officer, be professionals you can count on. At 1st Eagle Mortgage, we pride ourselves in ensuring we’ll find the perfect loan for your financial needs at the best possible rate. We make the mortgage experience easy and understandable by holding your hand every step of the way and breaking down complicated financial matters for you.
To learn more about 1st Eagle Mortgage and how to improve your home buying experience, visit our website.
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A mortgage broker is a licensed professional who can help you navigate the home-buying process by connecting you to the right mortgage lender for you, based on your financial situation. Essentially, mortgage brokers act as a bridge between the homebuyer and lender.
There are several benefits to working with a mortgage broker and several things to keep in mind as you’re searching for one. See below for four benefits of using a mortgage broker.
4 Benefits of Using a Mortgage Broker
1. They offer a wide variety of loan options.
A major benefit of using a mortgage broker is the fact that they have access to multiple different home loans you wouldn’t have access to on your own. This is important because the broader range of access means they have a more significant opportunity to connect you with a lender that matches your specific needs.
2. They will pinpoint the best type of deal for your specific needs.
There’s no doubt that buying a home can be stressful, and mortgage brokers help to mitigate that burden by finding you the best loan option for you.
Everyone has different needs, and you may have a challenging financial situation – maybe you have less-than-perfect credit, or run your own business. A mortgage broker will tailor their searches so that they will benefit your long-term financial goals. For example, 1st Eagle Mortgage offers loans for as little as 3% down, even if you have declared bankruptcy, had a short sale or went into foreclosure.
3. They have the right expertise to help you through each step of the process.
Mortgage brokers are licensed professionals who know the ins and outs of the loan process and have the best knowledge on which loan and lender are right for you. For example, 1st Eagle Mortgage has over 20 years of experience, knows hundreds of lenders, and understands what types of loans will benefit different financial needs.
4. They can save you valuable time, energy and money.
Your home is one of the largest, if not the largest, purchase you’ll ever make. No pressure! Obviously, finding the right financial path for your needs is a critical, nerve-racking process.
Mortgage brokers will hold your hand through every step of the lender process and save you time and energy in the process. And since a mortgage broker is offered loans on a wholesale basis from lenders, they can offer the best rates in the market, which means a lower rate for their client.
Contact 1st Eagle Mortgage to Get the Help You Need Today.
At 1st Eagle Mortgage, we are here to help you realize your home buying dreams. We work closely with current and prospective property owners in the Chicagoland area to create tailor-made mortgages to meet their needs.
We work with a multitude of lenders to match you with the right loan, whether you’re a first-time homebuyer, upgrading to a larger home, downsizing, refinancing, or a commercial property owner. Our focus is on you, the customer. We understand that every customer’s situation is unique, and our staff of experienced loan officers considers all aspects of your financial life to customize the right mortgage program for you.
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This past week was a classic example of how good news means bad news for Bonds and home loan rates.
A little trade deal with Japan, solid housing numbers, and hopeful news on the U.S./China trade dispute was enough to erase the previous week’s modest improvement in rates.
And on top of it all, Fed President James Bullard was out saying the Fed has to cut rates further, despite the U.S. economy doing well. At the moment there is over a 70% chance the Fed will cut the overnight Fed Funds Rate by .25% by years end.
What homebuyers and those looking to refinance must understand is that Fed rate cuts do not equal lower home loan rates. Fed rate cuts are designed to keep the U.S. economic expansion alive while promoting inflation, and if the Fed is successful in that endeavor, there is a limit to how low home loan rates can go.
On the other hand, if the Fed is unsuccessful and our economy slows further, and our inflation rate cools further, then we will see lower home loan rates in the future. Think bad news is good for home loan rates.
Bottom line: home loan rates have essentially moved sideways to slightly higher in the past few weeks, but still remain just above three-year-lows making it a great opportunity to refinance or purchase a home.
If you or someone you know has questions about home loans, give me a call. I’d be happy to help. This article provided by Herb Levin, 847-441-4116
Do you still have a Home Equity Line of Credit(heloc)? A few years ago they came in handy if you wanted to get some cash out of your home for anything you wanted. Almost all of them had 10 year terms of interest only payments. Yours may already have adjusted so that you’re not only paying principal and interest but the payment is also based on the remaining term (probably 20 years). Your payments will go up every year. Even if you have a year or two left before it adjusts, now is the time to call me to explore your options.
The Federal Reserve is planning on 3 more rate increases this year. Fed Fund rates have a direct effect on the prime rate and equity lines of credit. Since long term rates of 15, 20, or 30 years are still low, call me to see if it’s possible to put your 1st and 2nd loans together at little or no cost. Office: (847) 441-4116; Cell: (312) 502-0119
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If you must buy a car, focus on transportation as opposed to style. Buy an inexpensive, used car, and try to get a loan for it. It’s a good idea to figure out what your budget allows in terms of a dollar amount first. This means obtaining financing prior to looking for a car.
Get a secured credit card. Secured credit cards allow for the cardholder to deposit a said amount of money into an account, thus establishing the spending limit of the card. Missed payments result in deductions from the account. Some of these cards will reward responsible borrowers by upping the limit without an additional deposit. Some will even convert the account into a traditional credit card (be wary of offers of “easy credit” or any card which asks you to call a 900 number-you will be charged for the call). I can recommend several banks.
Meet with a credit repair specialist or myself. While they can help you clean up the damage to your credit report, I can advise you on specific ways to rebuild the credit you lost as well.
While it does take time, there is definitely life (and credit) after bankruptcy. Some of my lenders will even lend to you within a year or so after a bankruptcy with extenuating circumstances. If you’re in serious financial trouble, the trick is to get the help and advice you need from professionals you trust.
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Several studies have already demonstrated the potential benefits to be reaped when using a reverse mortgage as part of a coordinated retirement strategy, but one recent case study further expounds on the efficacy of the reverse mortgage line of credit.
With the arrival of new program changes and consumer protections in recent years, the reverse mortgage industry has strived to assert the legitimacy of the Home Equity Conversion Mortgage (HECM) as a viable retirement income planning tool.
A variety of financial planning research published within the last decade has added layers of credibility to reverse mortgages as a financial resource that can help “buffer” against volatility in investment markets, increase retirement spending and, above all, significantly improve the longevity of a retiree’s retirement income.
The crux of these strategies invariably requires retirees to obtain a reverse mortgage line of credit early in retirement. By doing so, retirees can accumulate a greater share of home equity over time, which they can use to supplement their retirement spending and help shore up losses in their investment portfolio during years of negative market returns. (To continue reading this article, authored by Jason Oliva, use the link below).
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About one-third of American baby boomers risk damaging their credit scores in retirement by reducing or eliminating their use of credit cards, according to a survey by TransUnion, one of the three credit bureaus that gather information used to calculate the scores. Using credit cards for small purchases keeps your credit active. That can help ensure you’ll have available credit–or good credit scores–when it counts. Using credit cards for small purchases keeps your credit active.
For example, an older adult wished to buy a new car. She was turned down for a loan with a low interest rate simply because no credit card purchases had been made for many years; she preferred to pay with cash or her debit card. That had hurt her credit scores, preventing her from getting a deal that worked for her.
TransUnion consumer data show that 20 percent of people ages 51 and 70 have subprime credit, or a score of less than 600. Your retirement plan might appear bulletproof, but circumstances easily change–and if they do, it’s nice to know you can lean on your credit.
Many couples who separate later(seniors 62 years of age or older) find themselves unable to support the costs of a home once supported by two partners now that they are independently responsible.
Here’s where a reverse mortgage can come into play…
The loan allows for the homeowner(s) to choose how to withdraw the equity in the home, whether as a lump sum, a series of ongoing payments or a combination.
If one spouse prefers to remain in the home but cannot meet the monthly mortgage payments, a reverse mortgage can be used to pay off the mortgage, with any remaining proceeds going to the moving spouse. If neither spouse wishes to remain in the home, a Reverse Mortgage Purchase loan allows a homeowner to purchase a new home while taking out a reverse mortgage in a single transaction.
In the same way a standard reverse mortgage can allow one spouse to move to a new home through the reverse mortgage while the other can assume some of the remaining cash proceeds. This might work particularly well in the case where the borrower is downsizing.
New Home Sales blossomed in March reaching their highest level in nearly a year, the Commerce Department reported. Sales were up 5.8 percent from February and nearly 16 percent from a year ago. New home inventories edged lower to a 5.2-month supply in March. A six-month supply is considered “normal” inventory.
Existing Home Sales hit their highest pace in over 10 years in March, according to the National Association of Realtors, with sales climbing 4.4 percent from February and 5.9 percent above a year ago. However, existing home demand continues to outweigh supply with inventories down 6.6 percent from the same time last year.
New home construction didn’t fare as well. Inclement weather during March in the Midwest and Northeast chilled residential home construction after unseasonably warm weather in February. March Housing Start numbers fell nearly 7 percent from February, per the Commerce Department. The year-over-year picture was still rosy, however, with Housing Starts up 9 percent from March 2016 to March 2017.
What is the New Home Sales report? The New Home Sales report shows the number of newly constructed homes with a committed sale each month. The level of sales indicates housing market trends and housing demand, while the supply serves as a clue to the level of housing pressure.
What’s happened recently? The Commerce Department reported that New Home Sales in May jumped nearly 3 percent from April to an annual rate of 610,000, above the 599,000 expected. Sales were up nearly 9 percent from May 2016, with May being the second highest month recorded for 2017.
What’s the bottom line? A tight inventory supply of just 4.6 months pushed the median new home sale price to a record high. It remains to be seen if builders can meet demand as lack of skilled labor, cost of building materials and limited buildable lots challenge construction.
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