Check out the video for a special invitation to join us this Saturday at the 1st Annual May Day celebration. We’ll have drawings and freebies for everyone. We will also be working for our favorite charity. See what you can do to help. Hint – it involves something we all enjoy – delicious homemade desserts!
We look forward to seeing you this Saturday from 10:00am - 6:00pm.!
Tuesday, April 27, 2010
Wednesday, March 10, 2010
Jamie Shares Her Borrower Tip of the Week for March 10, 2010
Everyone has heard of "90 days same as cash" on one sale or another. I have a borrower tip that could save you from getting "burned" on a deal that a high percentage of people don't actually follow through with.
And, don't be afraid to "negotiate your price!" You would be surprised at items you can "talk down."
Enjoy this borrower tip of the week and enjoy your day!
And, don't be afraid to "negotiate your price!" You would be surprised at items you can "talk down."
Enjoy this borrower tip of the week and enjoy your day!
Monday, February 8, 2010
Your Borrower Tip of the Week
Have you entered the Trivia Contest yet? It’s been extended and we’re drawing for two winners this time! Don’t miss your chance to win a free pizza! Also, check out the video for information about the final days of the first time homebuyer tax credit. Don’t let it run out on you. The end is near so get that house under contract!
First Time Home Buyer Tax Credit Information
First Time Home Buyer Tax Credit Information
Wednesday, January 13, 2010
Jamie's Borrower Tip for a New Year
Jamie's goal for the new year is to assist you in every way possible with helpful information. Watch her weekly videos for borrower tips and other valuable information.
Wednesday, December 23, 2009
Tuesday, December 15, 2009
Tuesday, September 8, 2009
Steps and Questions to Consider When Choosing A Mortgage Banker
4 Steps for Choosing a Mortgage Banker And
7 Important Questions to Ask After You Make Your Choice
Finding your first home should be a wonderful and memorable experience. But sometimes in the midst of looking at houses, deciding on paint colors and checking out the neighborhood, finding a mortgage banker to get you to the closing table becomes an afterthought. Ok, maybe we don’t hold a candle to the excitement of choosing between ‘misty blue’ or ‘steely gray’ but our part in this buying experience will linger long past the time that you’ve painted those walls. The right person and mortgage product can have a major influence on how much you enjoy home ownership for years to come. When should this decision be made? - BEFORE you find a house!
So how can you know that you are dealing with someone that can lead you through the mortgage process, especially if it’s something you haven’t done before? I recommend you do some research and your first questions are not necessarily directed to the mortgage banker.
1 - Start by talking to friends and family members that are homeowners and have recently been through the home buying experience. Notice the word RECENT. The mortgage industry has changed. With government involvement after the mortgage meltdown, anyone that obtained a mortgage more than 2 or 3 years ago is surprised at the amount of time involved and how much more documentation is required now. Find out the name of the company they used for their mortgage and what kind of experience they had. If there were any snags, which there will be, were they informed of what was happening? Don’t expect it to be as simple as signing a few documents but it shouldn’t be a nightmare either.
2 – Once you have received a recommendation from people that you know and trust, check out the mortgage company online through any regulatory agencies and the company’s own website. Also do a Google search of the company and review any articles written by or about the company or its principals. Then call the mortgage banker and ask for an appointment. Be sure to find out what you will need to bring with you. In my office, we like to gather some preliminary information by phone in order to obtain a credit report so that we can be better prepared for your appointment. In many cases, we are able to determine if an appointment is necessary or if credit repair is in order first.
3 – Go prepared for your appointment. Be prepared with documentation for your mortgage banker but also be prepared with questions for them. Questions such as:
a. Which type of loan is best for you and your situation? Having the right loan is far more important than the cheapest rate. A bad loan with a low rate is still a bad loan.
b. How much are you approved for so you'll know the price range of homes to look at? Nothing is more disappointing than to find the house you want and then find out it’s outside your price range. Unfortunately, I have seen both homeowners and realtors try to force a situation that could have been avoided by getting approved prior to house shopping.
c. How much are your closing costs and what makes up these costs? Be sure that you receive a good faith estimate that outlines the total cost.
d. What is the interest rate and when do you lock in? Be cautious that you are not teased with a lower rate. Sometimes rates that are below market rate include discount fees.
e. Is there a pre-payment penalty if the homeowner decides to pay off their loan early or make extra payments? Most loans no longer have prepayment penalties but ask anyway.
f. Is the rate fixed or variable? Rates are historically low so it is only in rare situations that a variable rate is a better choice.
g. How much time is needed to close the loan? Understand that the mortgage banker has many levels of due diligence in the loan approval process and there are many people involved in that process. Your mortgage banker’s role is similar to that of an orchestra conductor. She does not personally do everything involved but must orchestrate the process so that it all comes together perfectly. Not an easy task!
4 – Once you have found someone that you are comfortable working with and you have a level of trust, you should follow their lead. A good mortgage banker will take you from application to the closing table with the least amount of stress possible. But set your own expectations as well. I often find home buyers that want the process to be as simple as buying a car. But remember, this may be the single most expensive investment that you will ever make. You want it done right, even if it takes a little longer or requires some active participation on your part. It’s worth it in the long run.
As you can see, doing research ahead of time to find an experienced mortgage banker that has a good standing in the community and a good reputation is critical to the home buying process. So do your homework and set reasonable expectations. The home buying process is not as simple as it used to be and having the guidance of someone that’s been in the business for many years will make all the difference on closing day.
Jamie Harrington is a mortgage banker with United Carolina Group in Taylorsville, NC and has been in business for 14 years providing residential and commercial mortgages.
She can be reached at 828-632-0650 or email her at jamie@UnitedCarolinaGroup.com.
Check out the company website at www.UnitedCarolinaGroup.com.
Follow her on Facebook and Twitter @jamieth1.
7 Important Questions to Ask After You Make Your Choice
Finding your first home should be a wonderful and memorable experience. But sometimes in the midst of looking at houses, deciding on paint colors and checking out the neighborhood, finding a mortgage banker to get you to the closing table becomes an afterthought. Ok, maybe we don’t hold a candle to the excitement of choosing between ‘misty blue’ or ‘steely gray’ but our part in this buying experience will linger long past the time that you’ve painted those walls. The right person and mortgage product can have a major influence on how much you enjoy home ownership for years to come. When should this decision be made? - BEFORE you find a house!
So how can you know that you are dealing with someone that can lead you through the mortgage process, especially if it’s something you haven’t done before? I recommend you do some research and your first questions are not necessarily directed to the mortgage banker.
1 - Start by talking to friends and family members that are homeowners and have recently been through the home buying experience. Notice the word RECENT. The mortgage industry has changed. With government involvement after the mortgage meltdown, anyone that obtained a mortgage more than 2 or 3 years ago is surprised at the amount of time involved and how much more documentation is required now. Find out the name of the company they used for their mortgage and what kind of experience they had. If there were any snags, which there will be, were they informed of what was happening? Don’t expect it to be as simple as signing a few documents but it shouldn’t be a nightmare either.
2 – Once you have received a recommendation from people that you know and trust, check out the mortgage company online through any regulatory agencies and the company’s own website. Also do a Google search of the company and review any articles written by or about the company or its principals. Then call the mortgage banker and ask for an appointment. Be sure to find out what you will need to bring with you. In my office, we like to gather some preliminary information by phone in order to obtain a credit report so that we can be better prepared for your appointment. In many cases, we are able to determine if an appointment is necessary or if credit repair is in order first.
3 – Go prepared for your appointment. Be prepared with documentation for your mortgage banker but also be prepared with questions for them. Questions such as:
a. Which type of loan is best for you and your situation? Having the right loan is far more important than the cheapest rate. A bad loan with a low rate is still a bad loan.
b. How much are you approved for so you'll know the price range of homes to look at? Nothing is more disappointing than to find the house you want and then find out it’s outside your price range. Unfortunately, I have seen both homeowners and realtors try to force a situation that could have been avoided by getting approved prior to house shopping.
c. How much are your closing costs and what makes up these costs? Be sure that you receive a good faith estimate that outlines the total cost.
d. What is the interest rate and when do you lock in? Be cautious that you are not teased with a lower rate. Sometimes rates that are below market rate include discount fees.
e. Is there a pre-payment penalty if the homeowner decides to pay off their loan early or make extra payments? Most loans no longer have prepayment penalties but ask anyway.
f. Is the rate fixed or variable? Rates are historically low so it is only in rare situations that a variable rate is a better choice.
g. How much time is needed to close the loan? Understand that the mortgage banker has many levels of due diligence in the loan approval process and there are many people involved in that process. Your mortgage banker’s role is similar to that of an orchestra conductor. She does not personally do everything involved but must orchestrate the process so that it all comes together perfectly. Not an easy task!
4 – Once you have found someone that you are comfortable working with and you have a level of trust, you should follow their lead. A good mortgage banker will take you from application to the closing table with the least amount of stress possible. But set your own expectations as well. I often find home buyers that want the process to be as simple as buying a car. But remember, this may be the single most expensive investment that you will ever make. You want it done right, even if it takes a little longer or requires some active participation on your part. It’s worth it in the long run.
As you can see, doing research ahead of time to find an experienced mortgage banker that has a good standing in the community and a good reputation is critical to the home buying process. So do your homework and set reasonable expectations. The home buying process is not as simple as it used to be and having the guidance of someone that’s been in the business for many years will make all the difference on closing day.
Jamie Harrington is a mortgage banker with United Carolina Group in Taylorsville, NC and has been in business for 14 years providing residential and commercial mortgages.
She can be reached at 828-632-0650 or email her at jamie@UnitedCarolinaGroup.com.
Check out the company website at www.UnitedCarolinaGroup.com.
Follow her on Facebook and Twitter @jamieth1.
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