Mortgage loan process

Administrator — Mon, 15 Nov 2010 11:54:17 +0000

The Mortgage loan process is the most import part of buying a home. It is also one of the most neglected parts of buying a home on the part of the home buyer. Consideration for what it really takes to buy a home and who will assist the home buyer should be the first two questions a buyer should ask themselves. To eliminate and/or reduce pain in this process, finding a short list of lenders along with an agent should be tackled first. Consult your buyers agent for options to be considered. In most cases the agent will have a list of qualified lenders to interview. My list includes lenders that are local with processing and underwriting handled in house. This cuts down on any potential lost time buyers may face with a large bank that has undewriting on the west coast and processing on the east coast. I have included a link to a video from “Two Mortgage Guys” below. I don’t use them but they have some great videos for consumers to watch that can help make more sense out of the process.

Krishna Perkins, ABR,SFR,New Home Certified

NACA

Administrator — Sat, 20 Dec 2008 20:09:11 +0000

In todays mortgage climate many buyers who would normally be able to purchase a home have gone into hiding until the financing loosens up or the buyers can make the necessary changes to meet the new expectations. What many buyers don’t know is that their is an alternative.

I have sent many of my buyers through this program and I have seen some amazing results. NACA is a non profit organization making housing affordable to more Americans. They have attacked unfair lending practices in the past and continue to do so today in the refinancing of balloon mortgage notes. You don’t hear about them much unless the local news is covering them because of the non existance of advertising.

There are some pros and cons to working with NACA you need to be aware of. I’ll start with the pro’s first: #1 no credit score requirments #2 You can buy your interest rate all the way down to zero #3 The lender pays all closing cost, down payment and title policy. This results in a zero down home purchase. #4 You can use this loan for any home purchase up to 205K, new, used, reo, hud, etc.

Ok, now for the cons: #1 it’s a none profit so you need to keep your apointments, and stay on top of your paper work with them or you will get lost in the shuffle. #2 You have to attend a four hour work shop on a Saturday to get started. Many people get lazy on this and never go. #3 The program is not available in all states yet. You can view this info on the website. #4This really isn’t as bad as it sounds, but they require you to attend up to 5 events or refer to them 5 people a year. I do not believe they hard line this requirment but I believe the interest rate and terms are worth the effort for any buyer.

My recommendation for anyone considering this program is to have a Realtor refer you to the program. I do it all the time. If you go in alone without a realtor you will automatically have to work with one of their in house agents who is required to kick back 33% of the commission to NACA which leaves you with little to no wiggle room to negotiate other items important to you. Items you may need may include: lease buy out options, relocation fee reimbursment, appliances etc. If you’re unsure how this works let me know and I’m happy to explain requardless if you use me or not.

Merry Christmas and Happy New Year to all!!!

Krishna Perkins

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Mortgage loan process

NACA