Liberty Mortgage Lending Group

A home mortgage preapproval is just that PRE approval. It is a mortgage approval that verifies income, assets, and credit. It also usually gets an approval from Fannie Mae and Freddie Mac. Some brokers and loan officers do not verify those items in your mortgage loan and do not get that approval. Be sure yours does. If not, you are farther away from a good mortgage loan than you think. But no loan is guaranteed to close, even the most perfect ones. You still have to go through underwriting and your property has to go through underwriting as well.

There is a lot of incorrect mortgage loan information online that is not correct. While you are in the mortgage loan preapproval and the loan process, it is never a good idea to get new credit, dispute credit, apply for credit, etc. until you loan closes UNLESS you Loan Officer specifically advises it.

For one thing, if you are borrowing in FL, you can call Liberty Mortgage Lending Group today to review your tax returns and income. We have a former IRS Enrolled Agent on staff that understands all types of self employed returns from C Corp to S Corp to LLC to Sched C and everything in between. Unfortunately, we see this all the time. Either the income is overstated from lack of education in reviewing returns causing the loan to get cancelled mid loan; or income is understated because the broker does not understand all of the factors in the return that contribute to the calculation of income. Some tax returns are lengthy with a substantial number of income streams that have to be considered and reviewed. It can be daunting. Our self employed specialists know how to read them though. If you are self employed and getting a loan, be sure you are speaking with a mortgage Loan Originator that is ACTUALLY familiar with tax returns. Ask questions. Ask to see the math.

Fannie Mae and Freddie Mac currently offer appraisal waivers. It is on their terms though. You have to have a high FICO score, and the property must have an appraisal that shows up in their automated system within a certain period of time. In addition, it has to be one unit and be approved/eligible through FNMA or FMAC. There are loan to value requirements as well based on the type of loan. Good credit and a big down payment are not the key factors. They are just a piece of the puzzle. Keep in mind, there must be an appraisal on file with them within their terms of acceptance.

If you are getting a mortgage loan to purchase or refinance your home, you cannot. The lender selects what's called an AMC that hires appraisers. The appraiser is assigned to you.

There are a couple of ways: 1. If you purchase your home with 20% down, you will not have mortgage insurance premium. 2. Some conventional loans offer slightly higher rates with no mortgage insurance premium. Sometimes it is worth it, sometimes paying the lower interest rate with the mortgage insurance premium is less costly. You can review it both ways.

Unfortunately, many of the rates that are advertised are advertised without taking into consideration the broker getting paid. But the broker does have to get paid. That means that either you have to take the incredibly low advertised rate and pay the broker yourself in your closing costs; or get switched to a higher rate once you are hooked to allow for the broker to get paid by the lender. Liberty Mortgage Lending Group gives the true rates with our compensation taken into consideration. You won't get one advertised rate, then another rate or added closing costs for our fee.

FHA has loan programs that pay all or some of your down payment if you qualify and are approved. However, lenders do not give money away for free. You will find that your interest rate is substantially higher. For example, on a mortgage today (6/2/2021) when FHA rates are very low, a no down payment FHA loan can start with interest rates 3 times the normal rate.

It is a very good idea to have more than the down payment for your home mortgage for several reasons: 1. Some lenders require 1 or more months of reserves if your credit score is below 620. 2. You will have costs associated with buying the home, such as inspections, that could cost upwards of $1000 to $2000. Some will go toward closing costs, some will not. 3. You can request that a seller pay some or all of your closing costs. However, if they do not and you do not have the funds to pay, you cannot close.

When you get to the closing table for your home mortgage, there are several documents that you should request be placed to the top of the stack before you leave: Survey: you will need this if you refinance or pull permits Owners Policy: You will need this to reduce costs if you refinance First Payment Letter: You will need this to set up your payments and pay your first mortgage payment.

There are quite a few upfront costs related to a home mortgage actually. If you choose to have a home inspection, that will come out of pocket. Some insurance quotes will require a wind mitigation inspection report and possibly a 4-Point Inspection. Your appraisal is paid outside of closing typically and will likely be credited to your closing. You could expect to pay credit report costs prior to closing. If you are purchasing a condo, you might be required to pay for condo documents. Some title companies require you to pay for your survey up front. All said and done, you should expect to pay between $1000-$2000 outside of closing, some of which will be credited to closing cost charges disclosed upfront.

It differs by loan type. Generally, an FHA loan is 3.5% down, a conventional loan is 5% down, a conventional second home is 10% down, a conventional investment loan is 25% down, and a conventional first time home buyer is typically 3% down.

There are many benefits to refinancing your home mortgage. 1. You can get cash out of your mortgage if you have enough equity to keep the loan at 80% loan to value 2. You will likely not have to pay 2 months of mortgage payment before the new refinance home loan payment comes 3. You will get a refund of your escrows from your prior mortgage lender. This along with #2 is a small amount of "cash out", so to speak. 4. You can usually get a much lower payment even with paying refinance closing costs. 5. Closing costs get rolled into the loan, typically. 6. Most rate and term refinances come with lower rates.

Most typical home purchases and home loans have buyer closing costs. You can get help with closing costs in a couple of ways. The first way is to have the seller pay some or all of your closing costs associated with your home loan and purchase. The second way is to pay a slightly higher interest rate to get lender credits to assist with some of the closing costs.

Generally, all conventional and FHA loans require a down payment. However, there are local agencies that offer grants and funds for closing costs and down payments. FHA has many programs in which the lender can allow minimal to no down payment. However, keep in mind the rates are typically are higher on those loans.

First time home buyers, when qualified through eligibility approval, can pay as little as 3% down vs. 5% down for a typical conventional buyer or 3.5% down for an FHA borrower.

A first time homebuyer for mortgage loans is a buyer who has not had his or her name on a deed in the past 3 years and will use the property he or she is purchasing as a primary residence.

We provide mortgages down to $75,000.00