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Mortgage Industry Update and Financing A Home - September 2018

Friday, August 24th, 2018 at 4:08pm Engel & Völkers New Orleans

There have been ample alerts announcing increased interest rates over the last year, so we sat down with Judy Pelitere, senior loan officer at Eustis Mortgage for a Q&A.  “Rates are still very good and attractive for someone considering buying a home,” according to Pelitere. While rates may change daily, it is best to start the homebuying process by speaking with an experienced lender – preferably a local expert.  Pelitere also notes, “The number one stumbling block to buying a home continues to be a borrower’s lack of funds for a down payment.” 

Mortgage Process Q&A

How do I start the preapproval process? Contact your lender-You can meet in person, apply by phone or online.

What do my credit scores need to be?  This is determined by what program you have chosen or is best suited for you. Most of the down payment assistance programs require a minimum 640 credit score. FHA will allow lower scores.

How much cash will I need for the whole transaction? This is determined by the sales price of the home and the loan program you choose. Sometimes you can get the seller to contribute towards the closing costs.

How is income calculated: base, tips, and bonus? The base is calculated from current income. Tips and bonuses are averaged over a 2 year period. Whatever the income, it needs to be likely to continue.

When should I start the process? It is never TOO early to inquire about what you need to do in order to be ready for "home ownership.”  A credit report is valid for 120 days.

How long does the process take?  If information is provided promptly and there are no issues, it should take about 30 days.

 

MORTGAGE FACTS EVERYONE SHOULD KNOW

  • Mortgage Rates Change
  • Lenders Often Sell Your Loan to Other Institutions/Investors After Closing
  • Your “Middle” Score Matters
  • A Low Down-Payment For a Mortgage IS Possible
  • You Can Refinance Your Rate at Any Time
  • Employment Changes Can Affect Your Rate
  • GOOD CREDIT = BETTER MORTGAGE RATES
  • KNOW YOUR ANNUAL PERCENTAGE RATES

For more details, contact Judy today!

Judy Pelitere, Senior Loan Officer 
The Private Lending Group | Eustis Mortgage 

NMLS #466158
1100 Poydras Suite 2525, New Orleans, LA 70163
O (504) 586-0075 • F (504) 272-6066 • C (504) 236-4009 • D (504) 210-3396 • Judy.Pelitere@eustismortgage.com

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