This month’s TalkJet features Rowena Patton of Patton Property Group. Rowena uses a unique and energized approach for generating new clients. Her production has from 37 units in 2007 to a projected 230 in 2013. Her appearance on the radio show, “The Plain English” is one of the avenues she uses to reach potential customers.
Talk Jet is a monthly audio interview series that provides real estate professionals with the information and strategies that top producing Realtors around the country are using. The concept is simple: we want our business development partners to know how the best of the best are achieving success in today’s market.
Homeowners insurance is required on all mortgage loans. We suggest you shop around to find the policy that suits your needs. Most people purchase a policy with the same insurance company as their auto insurance. After you set up a policy with the company of your choice, wait to begin your coverage until you close on your home. The cash due at closing will include 12 months of your homeowners insurance which will be sent directly to your provider, and an additional two months (for reserve) of the premium which will be sent to an escrow account that we will set up for you.
Your monthly mortgage payment will include your principal payment, interest payment, property taxes and homeowners insurance. The bank will send your tax and insurance payments to the escrow account each month. The escrow account will pay your taxes two times a year and your homeowners insurance once a year. This will allow the bank to ensure the home insurance and property taxes are up to date.
In some areas, homes jump on and off the market in a matter of days. When you’re shopping for a home, you’ll want to have an extra edge over other buyers. That competitive edge is a prequalification letter from your lender. Having a prequalification letter will show buyers that you are serious. It will give your agent an advantage when negotiating on your behalf, and it will help you get the ball rolling quickly when you’ve found your dream home. Here are a few recent articles that highlight the importance of getting prequalified:
CNN Money – Homebuyers: To get the house, get there first
Shopping in a popular spot? You’ll have to go beyond the usual sellers’ market tactics, such as getting prequalified for a mortgage. These strategies will help you find homes first, stopping a bidding war before it starts.
Keeping Current Matters – Home Loans: Shopping for a Low Interest Rate
Move Quickly. As they say, time is money… look into getting prequalified for a loan. This process is rather simple and can put you in a much better place to buy, as well as give you a great idea as to what you can expect to borrow.
Market Wired - Why It Pays to Get Prequalified for a Mortgage
“Many borrowers essentially sail through the application process. Because they do their homework and plan ahead, they get prequalified,” said Ray Brousseau, Executive Vice President with Carrington Mortgage Services, a lender active in more than 40 states. “Not only is the application process easier, but a qualified borrower is more attractive to home sellers, meaning that borrowers can get a marketplace advantage by going through the prequalification process.”
If you are currently shopping for a home, my team and I would love to help you with the prequalification process. Give us a call today!
If you receive an official-looking letter asking you to send money for a copy of your deed, be careful! There is a company called Record Transfer Services sending homeowners all over the country what seems like a bill for $83. The problem is that Record Transfer Services is a private company, and in most parts of the country it costs nowhere near $83 to request a copy of a deed from the county recorder’s office yourself.
For your convenience, links to the auditor’s page in each of Washington State’s counties are below:
Adams, Asotin, Benton, Chelan, Clallam, Clark, Columbia, Cowlitz, Douglas, Ferry, Franklin, Garfield, Grant, Grays Harbor, Island, Jefferson, King, Kitsap, Kittitas, Klickitat, Lewis, Lincoln, Mason, Okanogan, Pacific, Pend Oreille, Pierce, San Juan, Skagit, Skamania, Snohomish, Spokane, Stevens, Thurston, Wahkiakum, Walla Walla, Whatcom, Whitman, Yakima
Read a detailed description of the letter on the Mortgage Professional America site.
A conditional approval is issued after your loan has been reviewed by an underwriter and it has been determined that it meets the loan guidelines. The approval is considered “conditional” if the underwriter requests additional information prior to final approval of the loan. The requested information is usually supporting documentation for details provided on the loan application.
Upon underwriting review of the requested conditions, final loan approval is then issued when the underwriter is able to determine all loan requirements have been met. Once we have final approval we are able to send your loan documents to escrow for closing.