Here are your options when your Purchasing a Home and your Appraisal comes in Low or High. It all depends on the Seller and if you have an Appraisal Contingency in your contract.

Buying an Investment Property is easier than you think! Most people do not know that you only have to have a 15% down payment with a Conventional loan and 3.5% with an FHA loan. Chad goes over max Debt to Income Ratio allowed, minimum Credit Score, closing costs, and more.

Educating Decisions through Understanding

Questions? Follow us @ Beyond the Loan on Instagram

Before you house hunt...⁠

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Know Your Budget!

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Your budget involves more than your mortgage payment. Here are the main things you need to know that make up your monthly home buying budget. ⁠

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Before you get your heart set on house⁠

Before you talk to a realtor⁠

Know your budget and get pre-approved by your lender⁠

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I promise, it will save you a lot of time and heartache when you have to pass on that house that you got attached to!⁠

Here are some basic things that you will need to know to know your TOTAL payment you qualify for:

- Purchase price

- Loan amount

- Interest Rate

- Principal and Interest

- Property Taxes

- County Taxes

- Flood Insurance

- Hazard Insurance

- Mortgage Insurance

- PMI

- HOA

- Claims on property

For a visual aid to this episode, visit Beyond The Loan on YouTube: Quit asking how much you qualify for and here's why.

https://youtu.be/fml2yBkX5Ns

Here are some things that you may not know about maintaining a healthy Credit Score. These tips will help your borrowing eligibility, when you are ready to purchase or refinance a home.

Do's and Don'ts:

1. Disputing negative tradelines on your Credit Score - it may feel good, but it doesn't help you purchase a home

2. Paying off collections and deletion letters

3. Credit Card reporting date

4. Why your score may be different when a Lender pulls the report vs. a Bank

Rebuilding poor Credit or starting from scratch:

1. Rebuilding your credit with secured Credit Cards or an Installment loan from a local Bank

2. Credit longevity is just as important as paying off your debts

3. Self-reporting utility payments

Full Video: https://youtu.be/OcRzrlzh6VY

Helpful resources: www.myfico.com

Everyone knows to pay your bills on time, but here are some tips on how to actively increase your Credit Score.

1. Know when your Credit Card reports to the Bureaus so that it doesn't report a false balance.

2. Get a Deletion Leter when you pay off a Collection

3. Disputing Trade Lines can cause problems

Full Video: https://youtu.be/OcRzrlzh6VY

Don't get stuck in 1980's advice about your Mortgage that may not benefit you today. Here is a quick comparison of how a Refinance of less than 1% is beneficial and will save this person money over time. Calculate how quickly you will make your money back and even consider wrapping your closing costs into the loan. And as always, remember to prioritize your GOALS & BUDGET, not just Interest Rate.

Leverage your money to work for you, by considering your budget and being open minded when you are buying or refinancing a home. Every 10k that you finance is about $50 payment swing on your mortgage. You are not getting your bang for your buck when you put more money down. Instead of putting that money down on your house, consider your budget and put that money towards other debt that has a higher interest rate. Look at the value that your Realtor and Lender are bringing to the table, not just interest rate.

Home Buyers and Sellers: here is why you need a Realtor. The market is incredibly competitive and housing inventory is low. Sellers: maximize your dollar. Buyers: get access to houses before they go on the market and make sure the offer on your dream home is accepted.

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Did you know that Cash Buyers can Refinance one week after closing to get 80% of their cash back? Even if you are paying cash, you can still leverage debt and historically low interest rates. Cash offers are beating out other offers in this competitive markets. But get your money back post closing without having to wait an extended period of time with "Delayed Financing".

Did you know that you have to have 12 months of overtime to qualify to purchase a home? Here is what you need to know about Covid-19 guidelines, declining bonus income, and how a Loan Officer will count your overtime.