Ameris Bank Home Loan FAQ
Are you considering a home loan through Ameris Bank but have a few questions before diving in?
Many potential homebuyers seek clarity on their options and the application process.
This blog post will answer common questions about Ameris Bank home loans to help you make informed decisions. With a wide array of products tailored to different financial situations and needs, understanding how Ameris Bank can support your home-buying journey is essential.
Ameris Bank offers a variety of home loan options to cater to the diverse needs of prospective homeowners. Whether you’re looking to purchase your first home, refinance an existing mortgage, or invest in a second property, you will find options that suit your financial situation. Traditional fixed-rate mortgages provide stability with consistent monthly payments, while adjustable-rate mortgages (ARMs) offer flexibility and potentially lower initial interest rates. Moreover, Ameris Bank also provides FHA and VA loans, ideal for eligible buyers looking for lower down payment options or favorable terms.
Understanding these loan options can empower you to make informed decisions about your financial future. Alongside standard mortgage products, Ameris Bank often includes specialized programs designed to help first-time homebuyers, offering options that may consist of reduced down payments and low interest rates. The bank's seasoned loan officers can guide you through selecting the most suitable loan product.
The application process for an Ameris Bank home loan is designed to be straightforward and efficient, guiding you every step of the way. To start, you'll need to gather essential documentation, including proof of income, credit history, and other financial information. Once your materials are ready, you can apply online or visit a local branch to speak with a mortgage specialist. A dedicated loan officer will review your application, evaluate your financial situation, and provide personalized loan options that suit your needs.
After submitting your application, Ameris Bank will conduct a thorough review, which includes verifying your credit and assessing the property you wish to purchase. Expect to receive updates throughout this process, and don't hesitate to ask any questions as they arise. Once your loan is approved, you will move on to the closing phase, finalizing the details and signing the necessary paperwork. Following these steps, you can navigate the application process smoothly and confidently to secure your Ameris Bank home loan.
When considering a home loan from Ameris Bank, borrowers often encounter various scenarios that prompt specific questions. For instance, many potential homeowners wonder about the implications of having a lower credit score. Ameris Bank offers several loan products that accommodate different credit profiles. While a higher credit score can lead to more favorable terms, individuals with lower scores should not be discouraged. The bank's loan officers are equipped to provide tailored advice, helping borrowers understand their options and improve their chances of obtaining financing.
Another common question concerns the down payment requirements for Ameris Bank home loans. Many first-time homebuyers are eager to know if they qualify for programs that require a minimal upfront investment. Ameris Bank provides a range of mortgage solutions, including options with down payments as low as 3%. Additionally, they offer information on state and federal assistance programs designed to help eligible buyers bridge the gap.
Mortgages by Jill provides professional and personal service to first-time and existing homeowners in North Carolina. Jill works with individuals who have excellent credit profiles but don’t necessarily meet post-housing crisis underwriting criteria. The mission of Mortgages by Jill is to bring common sense back to mortgage lending.
Learn more about how Jill can help you today!
Choosing the right mortgage lender can make or break your home buying experience. A good lender will offer competitive rates, clear terms, and excellent customer service. On the other hand, a bad lender can complicate the process and cost you more money in the long run. This blog aims to guide you through the essential red flags to avoid and the green flags to look for when choosing a mortgage lender.
One of the first red flags to watch out for is extremely high or suspiciously low-interest rates. While high rates can drain your finances over time, unusually low rates might come with hidden fees or risky terms. Always compare rates from multiple lenders to get a clear picture.
A trustworthy mortgage lender will provide a detailed breakdown of all fees and terms. If a lender seems vague or unwilling to disclose this information, it's a major red flag. Hidden fees can add up quickly, turning what seemed like a good deal into a financial burden.
Effective communication is vital when dealing with mortgage lenders. If you find it challenging to get responses or if the customer service seems indifferent, take it as a warning sign. Poor communication can lead to misunderstandings and delays, complicating the entire process.
If your pre-approval rate significantly differs from the final rate offered, be cautious. This inconsistency can indicate that the lender was not transparent from the beginning. Always confirm that the rate offered at pre-approval is close to what you’ll receive at closing.
Buying a home is a significant decision that requires careful consideration. If a lender pressures you to make quick decisions or rushes you through the process, it’s a red flag. These tactics can lead to poor choices that you may regret later.
A reliable lender should offer a variety of mortgage options tailored to different needs. If a lender pushes only one type of loan or is unwilling to explain different options, it’s best to look elsewhere. Variety in mortgage options indicates the lender’s commitment to finding the best fit for you.
A reputable lender will provide clear, detailed information on all fees and terms upfront. Transparency in this area builds trust and ensures you’re fully aware of what you’re getting into. Always ask for a breakdown of costs and read the fine print.
Trustworthy lenders offer competitive interest rates that are consistent from pre-approval to closing. Consistency indicates the lender’s reliability and integrity. Compare rates from various lenders to ensure you’re getting a fair deal.
Look for lenders with positive customer reviews and excellent communication skills. Good reviews often reflect a lender’s commitment to customer satisfaction. Strong communication ensures you’ll be well-informed throughout the process.
A good lender doesn’t just approve loans; they educate you about the process. They’ll take the time to explain different mortgage options, terms, and conditions. This educational approach demonstrates their commitment to your financial well-being.
Variety is another hallmark of a trustworthy lender. They should offer multiple mortgage options to suit different financial situations. A wide range of options ensures you can find a loan that fits your specific needs.
Complex jargon and convoluted terms can be confusing and overwhelming. A reliable lender will present mortgage terms and conditions in simple, understandable language. This clarity helps you make informed decisions.
When it comes to finding reliable mortgage lenders in Winston Salem, several top-rated options stand out. These lenders have garnered positive reviews for their excellent customer service, competitive rates, and transparent terms.
Many local homebuyers have shared glowing reviews about these lenders. High satisfaction rates often reflect a lender’s reliability and commitment to customer service. Knowing that other customers had positive experiences can provide peace of mind.
Local lenders often offer unique benefits, including personalized service and a deep understanding of the local real estate market. They can provide insights and advice tailored to the specific needs of Winston Salem buyers.
Choosing a mortgage lender is a decision that requires careful consideration. By being aware of red flags and recognizing green flags, you can make an informed choice that benefits your financial future. Don’t hesitate to seek advice from experts or realtors and conduct thorough research before making your final decision. For those in Winston Salem, considering local lenders can offer additional advantages.
Reach out to Mortgages by Jill for expert guidance and the best mortgage services tailored to your needs.
How to Take Advantage of VA Loans
Veterans and active-duty service members have dedicated their lives to protecting our freedoms, and now it’s time for them to reap the rewards. One of the most significant benefits available to them is the VA loan, a powerful financial tool designed to make homeownership accessible and affordable.
In this blog post, we will explain the benefits of VA loans, detailing how they can help veterans secure a home without the burden of a down payment or costly private mortgage insurance. With this knowledge, you can take full advantage of these loans opportunities.
VA loans provide substantial benefits, making homeownership more accessible for veterans and active-duty service members. One of the most significant advantages is the absence of a down payment requirement, which allows individuals to purchase homes without the burden of saving for a large sum upfront.
Additionally, VA loans do not require private mortgage insurance (PMI), resulting in lower monthly payments than conventional loan options. This combination of no down payment and reduced monthly costs can significantly ease the financial strain on service members and their families.
Another critical benefit of VA loans is the competitive interest rates that make homeownership more affordable over the life of the loan. Because these loans are backed by the Department of Veterans Affairs, lenders face less risk, translating into more favorable terms for borrowers.
Furthermore, VA loans come with flexible credit score requirements, making it easier for veterans with varying financial backgrounds to qualify. These advantages collectively empower service members to invest in their own homes, providing them with stability and a sense of belonging as they transition back to civilian life.
Obtain your Certificate of Eligibility (COE) to secure a VA loan. This document confirms your eligibility and outlines the benefits of VA loans, such as no down payment and favorable interest rates. You can apply for the COE through the VA's eBenefits portal, by mail, or via your lender, who can often assist with this process. Once you have your COE, it’s time to choose a lender who specializes in VA loans. It’s essential to shop around and compare interest rates, loan terms, and fees to find the best deal that suits your financial situation.
After selecting a lender, prepare your documentation, which typically includes proof of service, income verification, and credit history. A strong credit score can help you maximize your benefits by potentially securing a lower interest rate. After submitting your application, the lender will conduct an appraisal to determine the value of the property you intend to purchase.
Once all formalities are completed and approved, you can go ahead and close the loan. Throughout the process, keep communication open with your lender and ask questions about any aspects you don’t understand to ensure a smooth experience.
Communication is an essential aspect of effectively navigating the VA loan process. Maintain an open line of dialogue with your lender at all times and don't hesitate to ask questions if something is unclear. Additionally, stay proactive in monitoring your application status and follow up regularly. This approach can help you address any issues promptly and keep your loan process on track. Furthermore, consider joining online forums or community groups for veterans and service members, where you can share experiences and learn from others who have successfully utilized their VA loan benefits.
There’s a lot to consider when applying for a VA loan. Mortgages by Jill is here to make the process feel less overwhelming. Contact us today to learn more about your options.
Are you dreaming of owning a home but feel overwhelmed by the financial hurdles? For many aspiring homeowners, particularly in rural areas, the dream of homeownership can seem out of reach. Fortunately, USDA rural housing loans offer a promising solution. In this guide, we'll explore the eligibility requirements for USDA home loans in SC and provide valuable insights on how you can benefit from them.
USDA rural housing loans are designed to help low- and moderate-income households achieve the dream of homeownership. These loans, backed by the United States Department of Agriculture (USDA), are tailored for those living in rural areas. They provide an affordable pathway to homeownership with benefits such as no down payment and favorable interest rates.
One of the most popular USDA loan programs is the Single Family Housing Guaranteed Loan Program. This program assists approved lenders in providing loans to eligible applicants, ensuring they have access to decent, safe, and sanitary housing. The USDA provides a 90% loan note guarantee to reduce the risk for lenders, allowing them to offer 100% financing to qualified borrowers.
To qualify for USDA home loans SC, the property must be located in an eligible rural area. You can easily check if your desired property falls within these areas by using the USDA's eligibility map available on their website.
USDA loans are intended for low- to moderate-income families. Therefore, your household income must fall below a certain threshold, which varies based on location and family size. South Carolina residents can refer to the USDA's income limits chart to determine their eligibility.
While there is no minimum credit score requirement for USDA loans, applicants must demonstrate a history of responsible debt management. Lenders will review your credit history to ensure you have a good track record of repaying debts.
The first step in applying for a USDA home loan is to find an approved lender. USDA Rural Development works with a network of approved lenders who will guide you through the application process.
Once you've chosen a lender, you'll need to complete a loan application. This typically involves providing financial documents, proof of income, and information about the property you wish to purchase.
After submitting your application, your lender will review your financial information and determine if you pre-qualify for a USDA loan. Getting pre-approved gives you a clear idea of your budget and strengthens your position when making an offer on a property.
One of the most significant benefits of USDA home loans SC is the ability to secure a mortgage with no down payment. This feature makes homeownership accessible to many who might not have substantial savings.
USDA loans offer competitive interest rates, often lower than conventional loans. This can result in significant savings over the life of your loan.
USDA loans are more forgiving of credit imperfections compared to traditional loans. This flexibility allows more people to qualify for homeownership.
USDA rural housing loans are an excellent option for South Carolina residents looking to buy a home in rural areas. With the benefits of no down payment, competitive interest rates, and flexible credit requirements, these loans make homeownership achievable for many. If you're interested in exploring USDA home loans SC further, contact Mortgages by Jill. Our team can help you determine your eligibility and guide you through the application process.
Take the first step towards homeownership today. Reach out to Mortgages by Jill and discover how USDA home loans can turn your dream into reality!
Homeownership is a dream for many, but the daunting down payment often stands in the way. For those living in Greensboro, down payment assistance programs can be the key to unlocking this dream. This article will explore various types of down payment assistance, offering insights, practical tips, and examples to help you secure your new home.
Before we jump into the different types of down payment assistance, let's clarify what it is. Down payment assistance programs are designed to help homebuyers cover the initial costs required to purchase a home. These programs can come in various forms, including grants, loans, and tax credits. By reducing or eliminating the down payment, these programs make homeownership more accessible.
Down payment assistance is crucial because it helps potential homeowners overcome one of the most significant barriers to buying a home. Many people can afford monthly mortgage payments but struggle to save enough for a down payment. These programs provide the financial support needed to bridge this gap, making it easier for individuals and families to achieve their dream of homeownership.
Down payment assistance programs are available to a wide range of homebuyers, including first-time buyers, low-to-moderate-income individuals, and residents of specific regions, such as Greensboro. By understanding the eligibility criteria and available options, you can take advantage of these programs to secure your new home.
There are several types of down payment assistance programs, each with its unique benefits and requirements. Let's explore the most common options:
Grants are a popular form of down payment assistance because they do not need to be repaid. These funds are typically provided by government agencies, non-profit organizations, or private foundations. Grants can significantly reduce the financial burden of buying a home, making it easier for buyers to save for other expenses.
Zero-interest loans are another valuable option for down payment assistance. These loans provide the necessary funds for a down payment without charging interest. This means you can borrow the money you need without incurring additional costs.
Deferred payment loans are another option for down payment assistance. With these loans, repayment is postponed until the borrower sells the home, refinances the mortgage, or pays off the mortgage. This allows buyers to focus on their monthly mortgage payments without worrying about immediate repayment of the down payment loan.
Low-interest loans provide down payment funds at a reduced interest rate. These loans make it more affordable to borrow the money needed for a down payment, helping buyers manage their finances more effectively.
Tax credits are another form of down payment assistance. These credits reduce the amount of income tax you owe, providing additional funds for a down payment. By lowering your tax liability, these programs make it easier to save for a home.
Applying for down payment assistance involves several steps, including researching programs, gathering documentation, and completing any required education courses. Here's a step-by-step guide to help you through the process:
Start by researching the various down payment assistance programs available in your area. This includes local government initiatives, non-profit organizations, and private foundations. Be sure to review the eligibility criteria and requirements for each program to determine which ones you qualify for.
Once you've identified the programs you're eligible for, gather the necessary documentation. This may include proof of income, credit reports, and information about the property you're purchasing. Be sure to have all required documents ready to streamline the application process.
Some down payment assistance programs require applicants to complete homebuyer education courses. These courses provide valuable information about the home buying process, financial management, and maintaining your new home. Completing these courses can also improve your chances of being approved for assistance.
Down payment assistance programs are a valuable resource for homebuyers, making it easier to achieve the dream of homeownership. By understanding the different types of assistance available and how to apply for them, you can take advantage of these programs to secure your new home.
If you're a Greensboro resident, get in touch with the down payment assistance experts at Mortgages by Jill. With our help, you'll be well on your way to finding the financial support you need to purchase your dream home. Contact us for your consultation today!
Pros and Cons of Jumbo Loans
Are you in the market for a home that is above the conforming loan limits? If so, you may have come across the option of obtaining a jumbo loan. Jumbo loans are mortgages that exceed the conforming loan limits set by government-sponsored entities like Fannie Mae and Freddie Mac. While they offer the opportunity to finance larger, more luxurious homes, jumbo loans also come with their own set of pros and cons.
In this blog post, we will break down what jumbo loans are, discuss the advantages and disadvantages of obtaining one, and determine who might benefit from getting a jumbo loan.
Jumbo loans are mortgages that exceed the conforming loan limit set by the Federal Housing Finance Agency (FHFA). In most areas of the United States, the conforming loan limit is $548,250 for a single-family home in 2021. Any loan amount that exceeds this limit is considered a jumbo loan. These loans are typically used to finance high-priced properties and are often associated with luxury real estate markets.
Jumbo loans can be used to purchase primary residences, second homes, and investment properties. They offer flexibility in terms of loan amount, allowing borrowers to finance expensive properties that may not be covered by traditional conforming loans. However, because of the risk involved with lending large amounts, jumbo loans often come with stricter qualification requirements and higher interest rates compared to conforming loans.
Jumbo loans offer several advantages for borrowers, including the ability to finance high-priced properties that may not be eligible for conventional loans. This makes jumbo loans a great option for individuals looking to purchase luxury homes or properties in expensive real estate markets.
Additionally, jumbo loans often come with competitive interest rates and flexible repayment terms, allowing borrowers to tailor their loans to fit their financial needs. Another pro of jumbo loans is that they provide an opportunity for homeowners to invest in their dream home without having to come up with a significant amount of cash for a down payment.
Moreover, jumbo loans can also be used for investment properties, giving investors the opportunity to finance lucrative real estate ventures that may not be feasible with conventional loans. This provides a pathway for individuals to grow their real estate portfolio and increase their potential for long-term financial success. Overall, the ability to finance high-value properties, competitive interest rates, and flexibility make jumbo loans an attractive option for many borrowers.
One of the main drawbacks of jumbo loans is that they often come with higher interest rates compared to conforming loans. This means that borrowers may end up paying more in interest over the life of the loan, which can significantly increase the overall cost of homeownership. Additionally, the higher interest rates associated with jumbo loans can make them less attractive to potential borrowers, especially those who are shopping for more affordable financing options.
Another disadvantage of jumbo loans is that they typically have stricter eligibility requirements compared to conforming loans. Lenders may require a higher credit score, a larger down payment, and a lower debt-to-income ratio in order to qualify for a jumbo loan. This can make it more challenging for some borrowers to secure financing, particularly if they do not meet the stringent criteria set forth by lenders. As a result, obtaining a jumbo loan may be more difficult for certain individuals, potentially limiting their ability to purchase a higher-priced home.
If you’re in need of a jumbo loan, get in touch with our team at Mortgages By Jill. We can help you get the financing you need for your new home, investment property, or commercial project. Call us at 336-740-9068 or send a message using the online contact form on our website after business hours. We'll be sure to get back to you.
Are you dreaming of owning your own home but struggling to find a loan that fits your financial situation? If so, you're not alone. Luckily, there's a solution that could make homeownership a reality for many people: FHA loans. In this article, we'll explain what these loans are, outline the criteria needed to qualify for one, and highlight the benefits of using one to buy a home.
What is an FHA Loan?
FHA stands for the Federal Housing Administration, which is a government agency established in 1934. One of its main goals is to make homeownership more accessible for more Americans. To achieve this, the FHA created this loan program, which provides lenders with mortgage insurance on loans that meet certain criteria.
Unlike conventional loans, which are not insured by the government, these loans offer more flexible qualification guidelines and lower down payment requirements. This makes them ideal for first-time homebuyers and those with less than perfect credit. Thanks to the program, individuals who may have been considered too risky for a traditional loan can now achieve their dream of owning a home.
Qualifying for an FHA Loan.
Credit Score.
Although these loans are more forgiving when it comes to credit scores, having a reasonably good credit score is still important. A minimum credit score of 580 is generally required to qualify for a 3.5% down payment option. If your credit score is lower, you may still be eligible for a loan, but you might need to make a larger down payment.
Employment and Income.
Lenders will evaluate your income stability and employment history. Typically, you'll need to have a steady job and provide proof of income, such as pay stubs, tax returns, and bank statements.
Debt-to-Income Ratio.
The FHA also considers your debt-to-income ratio, which is the comparison of your monthly debts to your monthly income. Most FHA loans require a debt-to-income ratio of 43% or lower.
Down Payment.
One of the primary advantages of these loans is the lower down payment requirement. You can secure an FHA loan with as little as 3.5% down payment. This is significantly lower than the standard 20% down payment required for conventional loans.
Benefits of Using an FHA Loan.
Lower Down Payment.
As mentioned earlier, these loans require a smaller down payment compared to conventional loans. This reduces the amount of upfront cash needed to purchase a home and makes homeownership more attainable.
Flexible Credit Requirements.
FHA loans are more lenient when it comes to credit scores. Even if you have had past financial challenges or a lower credit score, you may still be eligible for one.
Assumable Loans.
These are assumable, which means that if you decide to sell your home, the buyer can take over your loan and its favorable terms. This can be a significant selling point when it comes time to move on.
Streamlined Refinancing.
If interest rates drop or your financial situation improves, you can take advantage of FHA's streamlined refinancing option. This allows you to refinance your loan with minimal documentation and paperwork, saving you time and money.
Foreclosure Protection.
These loans offer enhanced protections against foreclosure, providing borrowers with additional security and peace of mind.
Are You Looking for a Home Loan?
If you’re in the market for a new home, then it’s essential that you understand all of your loan options, or else, you can end up paying drastically more for the property than you need to. That’s why so many homebuyers choose to partner with MortgagesbyJill.com. As a professional mortgage lender with thirty yeas of experience, Jill Burgess can give you confidence that you’ve found the perfect loan for you. You can learn more about her services online, or get in touch to schedule a consultation.
A Step-by-Step Guide for First-Time Homebuyers
Are you a first-time homebuyer feeling overwhelmed by the process of purchasing your first home? Don't worry, you're not alone! Buying a home for the first time can be a daunting experience, but with the right guidance and information, it can also be an exciting and rewarding journey.
In this blog post, we will outline how the process works for first-time buyers, providing a step-by-step guide to help you navigate each stage of the home-buying process with confidence and ease.
Before diving into the exciting world of homeownership, it's crucial for first-time buyers to have a solid understanding of the home-buying process. This involves researching and familiarizing yourself with the various steps involved, such as securing a mortgage, searching for the right property, making an offer, and completing the necessary paperwork. By having a clear understanding of how the process works, first-time buyers can navigate the real estate market with confidence and make informed decisions along the way.
Furthermore, understanding the homebuying process also involves familiarizing oneself with the terminology and legalities involved in purchasing a property. It's essential for first-time buyers to educate themselves on critical terms such as escrow, earnest money, and contingencies, as well as the laws and regulations governing real estate transactions in their area. With this knowledge, first-time buyers can approach the homebuying process with a greater sense of awareness and preparedness.
So, you've made the decision to buy your first home - congratulations! But before you dive into the world of real estate listings and open houses, it's important to take some time to prepare for this major purchase.
The first step in preparing for your first home purchase is to get your finances in order. This means taking a look at your credit score, saving for a down payment, and getting pre-approved for a mortgage. By getting your financial house in order, you'll be better positioned to make a competitive offer on a home when the time comes.
Next, it's essential to research the housing market in the area where you want to buy. This means looking at home prices, property taxes, and school districts. You should also consider what kind of home you want to buy—are you looking for a condo, a townhouse, or a single-family home? By doing your homework and understanding the local real estate market, you'll be better equipped to make informed decisions as you start the homebuying process.
Once you've found the perfect home and your offer has been accepted, it's time to navigate the closing process. This is when all the necessary paperwork and legalities are taken care of before you officially become the owner of the property. The closing process involves things like finalizing the mortgage, signing the necessary legal documents, and completing any remaining inspections or appraisals.
It's crucial to work closely with your real estate agent and lender during this phase to ensure everything goes smoothly. Additionally, it's essential to stay organized and responsive to any requests for information or documentation to keep the process on track. Finally, on the day of closing, be prepared to review and sign a significant amount of paperwork and bring any necessary funds for closing costs and the down payment.
If you are a first-time home buyer, you’ll find an experienced and passionate loan officer at Mortgages by Jill. Our team can help you find mortgage options that best fit your needs and plans, including FHA loans and other programs for first-time home buyers.
If you want to purchase a home in Greensboro or the surrounding areas in North Carolina, contact us today to see what mortgage options are available to help you.
Real estate has always been a lucrative investment opportunity, and for those looking to purchase high-value properties, jumbo loans can provide a viable financing option. In this helpful article, we will explore what these loans are, the benefits they offer, and the top ways to determine eligibility for this type of loan.
What is a Jumbo Loan?
In the world of real estate financing, this loan refers to a mortgage loan that exceeds the conforming loan limit set by Fannie Mae and Freddie Mac, the government-sponsored enterprises that buy most mortgages in the United States. This limit is typically updated annually and varies by location, but in general, a loan with a principal amount higher than $548,250 is considered a jumbo loan in most areas.
Benefits of Using a Jumbo Loan for Real Estate.
High-Value Real Estate.
These loans allow borrowers to finance the purchase of luxury homes and high-value properties that may be out of reach for traditional conforming loans. This opens doors to a broader range of property options for buyers.
Flexible Financing.
These types of loans typically offer more flexible underwriting guidelines than conforming loans. Borrowers may be able to qualify with a higher debt-to-income ratio, lower credit scores, or a smaller down payment. This flexibility makes it easier to secure financing for properties that would otherwise be unattainable.
Lower Interest Rates.
Contrary to the perception that jumbo loans have higher interest rates, they often compete with conforming loans in terms of interest rates. This is due to intensified competition among lenders and the increased demand for jumbo financing.
Tax Deductibility.
These loans can offer potential tax benefits. Mortgage interest payments on loans up to $1 million are generally tax-deductible, which can result in significant savings for borrowers.
Determining Eligibility for this Type of Loan.
While jumbo loans provide attractive financing options, not everyone qualifies for them. Here are the top ways to determine whether or not you qualify for this option:
Credit Score.
Lenders typically look for a higher credit score when considering these loan applications. A credit score of 700 or above is often required to secure favorable terms. It's essential to review and improve your credit score before applying for a jumbo loan.
Income and Debt.
Lenders closely examine the borrower's debt-to-income ratio to assess their ability to handle high loan amounts. Aim for a debt-to-income ratio below 43% and provide comprehensive documentation of your income, including tax returns, bank statements, and pay stubs.
Down Payment.
These loans usually require a higher down payment compared to conforming loans. Be prepared to provide a down payment of at least 20% of the purchase price. However, some lenders may offer options for lower down payments, albeit at potentially higher interest rates.
Reserve Requirements.
Lenders may require borrowers to have a specific amount of cash reserves available after closing. This ensures that borrowers can continue to make mortgage payments even in the event of unexpected financial hardship.
Property Appraisal.
The property being purchased with this type of loan must also undergo a rigorous appraisal process. The property's appraised value must support the loan amount being requested.
Are You Interested in Expanding Your Portfolio?
No matter what type of real estate you’re considering investing in, MortgagesByJill.com can help you secure the best financing options for your goals. Jill Burgess (NMLA #100425) has personally funded over 2 billion dollars in mortgage loans over her career spanning 30 years. As a preferred loan officer with North Carolina Finance Authority, Jill works with various city-wide down payment assistance programs to help qualifying candidates obtain the financing they need.
You can learn more about our services online, or reach out to schedule a consultation today.
Buying a home is an exciting journey, and the final step in this process is the mortgage closing. This moment signifies more than just a financial transaction; it represents the realization of your homeownership dreams. As you approach this milestone, it's natural to have questions and a bit of uncertainty.
At Mortgages By Jill, we understand the importance of transparency and ensuring our clients feel confident every step of the way. Continue reading as we guide you through what to expect at your mortgage closing, and how to prepare for this crucial moment in your home-buying experience.
Before diving into the closing process, it's essential to highlight the personalized and professional touch that sets Mortgages By Jill apart. With over 30 years of experience and having funded over 2 billion dollars in mortgage loans, Jill Burgess has earned an incredible reputation in the field of mortgage services.
Her dedication extends to clients from various backgrounds, including medical professionals, first-time homebuyers, first responders, and those moving to larger homes. With offices in Winston Salem and Greensboro, Jill is always available for appointments, ensuring that the mortgage origination process is seamless for her clients in the North Carolina Triad and beyond.
As you approach your mortgage closing, it's crucial to understand the key elements of this process. The closing is the final step, where all necessary paperwork is signed, and ownership of the property officially transfers to you, the homebuyer. Here's a breakdown of what you can expect:
At the closing table, you'll be presented with a stack of documents to review and sign. These documents include the closing disclosure, which outlines the final terms of your loan, and the mortgage note, a legal document detailing your commitment to repaying the loan. Recognizing that this can be an overwhelming moment, it's essential to work with professionals who prioritize clarity and thorough explanation.
Once all documents are signed, your lender will transfer the funds to the seller. This process may take a few days, but rest assured that a trusted mortgage professional like Jill Burgess will handle it efficiently. Our dedicated team at Mortgages By Jill understands the importance of a swift and secure fund transfer, ensuring that the final steps of the process are executed with precision.
After the funds are transferred, you'll receive the keys to your new home. This moment marks the completion of the home-buying process, and you officially become a homeowner.
Be prepared to pay closing costs, which cover various fees such as loan origination fees, appraisal costs, and title insurance. When you work with Mortgages By Jill, we will provide you with a detailed breakdown of these costs in advance to avoid any surprises.
As a preferred loan officer with the North Carolina Finance Authority, Jill Burgess goes above and beyond to assist clients in obtaining grants and down payment assistance through various city-wide programs. Her expertise extends to a wide range of loan programs, including jumbo loans, medical professional loans, FHLB loans for community personnel, conventional, FHA, VA, USDA, and portfolio loans.
In the world of mortgage services, where each client’s situation is unique, having a seasoned professional like Jill by your side is invaluable. With her extensive experience and passion for facilitating home ownership, she can navigate you through the process with ease.
Are you in search of a trustworthy mortgage service provider in North Carolina to secure a successful home purchase? Reach out to us today to find out if you qualify for a loan.
If you're a veteran or currently serving in the military, you may have heard about VA loans as a potential option for purchasing a home. However, you likely have a lot of questions about these types of loans, including what they are, who qualifies for them, and how they differ from regular home loans. This blog post will answer these common questions and provide you with the information you need to understand VA loans and their benefits.
A VA loan is a mortgage loan program specifically designed for veterans, active-duty service members, and some eligible spouses. These loans are backed by the U.S. Department of Veterans Affairs, providing a number of benefits such as no down payment requirements, lower interest rates, and no private mortgage insurance (PMI) premiums. To qualify for a VA loan, individuals must meet the service requirements, which generally include a minimum term of active duty service. Veterans, active-duty service members, and National Guard and Reserve members may be eligible, as well as some surviving spouses of deceased veterans.
VA loans are an excellent option for those who qualify, as they offer significant savings and advantages compared to traditional mortgage loans. Understanding the qualifications and benefits of a VA loan is key to taking full advantage of this valuable program.
Qualifying for a VA loan involves meeting certain eligibility criteria set by the U.S. Department of Veterans Affairs. To be eligible for a VA loan, you must be an active-duty service member, a veteran, a member of the National Guard or Reserves, or a surviving spouse of a service member who died in the line of duty. In addition, you must have a sufficient credit score, stable income, and a Certificate of Eligibility (COE) from the VA. The COE verifies to the lender that you meet the VA’s service requirements and are eligible for a VA loan.
The process of qualifying for a VA loan involves applying for a COE from the VA, providing documentation of your income and employment, and meeting the lender’s credit and income requirements. Unlike conventional loans, VA loans may not require a down payment or private mortgage insurance (PMI), making them an attractive option for eligible borrowers. Additionally, VA loans offer competitive interest rates and flexible terms, making them an appealing choice for veterans and active-duty service members.
When it comes to financing a home, there are various options available to potential homeowners. One common question is how VA loans differ from regular loans. The main difference is that VA loans are specifically designed for veterans, active-duty service members, and certain eligible spouses, while regular loans are available to anyone who meets the lender's requirements. VA loans also come with several benefits, including no down payment
requirement and lower interest rates.
Another key difference between VA loans and regular loans is the eligibility criteria. While regular loans typically require a minimum credit score and a certain debt-to-income ratio, VA loans have more flexible eligibility requirements. Additionally, VA loans do not require private mortgage insurance (PMI), which can save borrowers a significant amount of money over the life of the loan. Understanding these differences can help individuals determine which type of loan is right for their specific situation.
When it comes to both conventional and specialty home loans, you can place your trust in Jill Burgess. Jill has been helping aspiring homebuyers successfully apply for loans for over 30 years. In that time, she has personally funded over $2 billion in mortgage loans.
If you’re dreaming of buying a home, give Mortgages By Jill a call at 336-740-9068 or reach out through our online contact form. We look forward to helping you secure a home loan that fits your needs.
When it comes to making one of the most significant financial decisions in your life, having the proper guidance can make all the difference. Mortgages By Jill is here to share valuable insights to empower you as you embark on your home-buying journey.By the end of this article, you will have the knowledge and tools necessary to navigate the home-buying process confidently. So, let's dive in and discover how to avoid common pitfalls and make your dream of owning a home a reality.
When it comes to buying a home, there are several common mistakes that many people unknowingly make. Avoiding these pitfalls can save homebuyers time and money in the long run.
When it comes to home buying, success depends on a combination of factors. These essential tips, provided by our mortgage expert, will help you confidently navigate the process and avoid costly mistakes.
Start with a budget
Before you dive into the world of home buying, it's crucial to determine how much house you can afford. Be honest about your financial situation and consider all the associated costs, such as down payments, closing costs, and ongoing maintenance. Setting a realistic budget will ensure you're searching for homes within your means, reducing the risk of future financial strain.
Get pre-approved for a mortgage
A common mistake among home buyers is not securing pre-approval for a mortgage. By getting pre-approved, you'll clearly understand how much financing you can obtain. This step also shows sellers that you're a serious buyer, giving you a competitive edge in a competitive market. Remember to shop around for the best mortgage rates and terms, as even a tiny difference can significantly impact your financial situation over the life of the loan.
Work with a reputable real estate agent
Partnering with a trusted and experienced real estate agent can make a world of difference in your home-buying journey. They will provide valuable insights, handle negotiations, and protect your interests throughout the process. Look for an agent who specializes in the area you're interested in and has a proven track record of successful transactions. With their expertise, you'll have a guiding hand to assist you in finding your dream home while avoiding potential pitfalls.
A mortgage expert like Mortgages By Jill can provide valuable insights on various mortgage options available to you, such as fixed-rate mortgages, adjustable-rate mortgages, or government-backed loans. We can assess your financial situation, credit history, and future goals to help you select the most suitable loan program. Furthermore, such experts understand the various terms and conditions associated with mortgage contracts, ensuring you are not taken advantage of by lenders. With our guidance, you can confidently navigate the complex world of mortgages and make informed decisions that align with your long-term financial plans.
By following these key tips, you'll be well-equipped to navigate the home-buying process and increase your chances of a successful outcome. Remember, a mistake in this significant financial decision can have long-lasting consequences, so it's crucial to approach it with knowledge and guidance from a mortgage expert. Get in touch with Mortgages By Jill today to discuss your home-buying journey!
At Mortgages by Jill, we understand that applying for a mortgage can feel overwhelming, especially when you’re tackling it for the first time. There are so many documents to track down, financial details to gather, and paperwork to complete. It’s easy to feel lost in what can seem like a maze of mortgage application requirements.
That’s why we’ve created this checklist - to provide clarity and guidance. We want you to have the full lay of the land when it comes to the key documents lenders will need from you. Our goal is to make the application process as seamless and stress-free as possible. With this roadmap, you’ll know exactly what to prepare in order to submit a comprehensive, mortgage-ready application file. We’ll also be with you every step of the way to answer questions, offer advice, and help explain anything that seems confusing. Let’s get started!
Lenders require government-issued ID to verify your identity and legal residency status. This includes a current driver’s license, passport, permanent resident card, or military ID. Make sure the ID you provide matches the personal information on your mortgage application.
Your lender will need your Social Security number to pull your credit report and employment history. Provide an original Social Security card if possible or a W-2 form, 401k statement, or previous year’s tax return showing your full SSN.
Lenders analyze your income sources to determine the loan amount you qualify for. Be prepared to provide recent pay stubs, bank statements, W-2 and 1099 forms, and at least two years of federal tax returns. Self-employed applicants should have profit and loss statements. Retirement or rental income will also need documenting.
Asset documentation proves you have funds available for the down payment and closing costs associated with the mortgage loan. Provide the most recent statements for bank accounts, investment accounts, retirement plans, real estate owned, and any other assets. Gift funds and cash reserves will also need sourcing.
Your lender will need to review details on the property you wish to purchase or refinance. Provide listing information, MLS sheets, purchase contracts, tax assessments, association bylaws, deed restrictions, and any other relevant property documents. Your loan officer can guide you on specific requirements.
As part of underwriting, lenders will obtain a credit report on all borrowers listed on the application. Be prepared to explain any derogatory items, late payments, collections, or bankruptcies recorded on your credit history. Past issues don’t necessarily preclude approval but do require investigation.
Lenders require borrowers to maintain hazard insurance on the property securing the mortgage. Provide quotes from insurance agents to demonstrate the property will be covered. You'll need to supply the policy declaration page before closing.
When purchasing a home, lenders verify you have skin in the game by providing an earnest money deposit with your offer. Obtain documentation from your real estate agent showing the escrow account where earnest funds are held.
In addition to your down payment, be prepared to pay upfront loan origination fees and closing costs at mortgage settlement. Lenders itemize these mortgage-related expenses in a Loan Estimate they will provide. Plan to bring certified funds to closing.
Having all your documents ready shows lenders you’re an organized, prepared borrower. It helps speed up the approval process and gets you one step closer to your dream home. While the mortgage application checklist may seem long, our team is here to help gather items, explain requirements, and ensure you submit a complete file.
At Mortgages by Jill, our focus is you. We want to provide an exceptional, personalized experience that takes the hassle out of getting a mortgage. Our mortgage advisors truly partner with you throughout the home buying journey. We’re invested in your goals and committed to making your financing experience a stress-free one. Don’t hesitate to lean on us as you prepare to apply - we’re excited to help your homeownership dreams become reality!
Buying your first home can be both exciting and frightening at the same time as you’re making a long-lasting financial decision. It’s a significant event, which is why it’s essential to know everything about getting a mortgage. Knowing all the options available to you — whether it comes to the mortgage lender or mortgage — will allow you to make the right decision.
This article will discuss everything you need to know about getting a mortgage.
In traditional terms, a first-time homebuyer hasn’t owned a home before. However, the definition tends to be broader than expected. You can qualify as a first-time homebuyer even if you’ve been a homebuyer in the past as long as you haven’t owned or purchased a home in the last three years.
Homebuyers purchasing for the first time are generally eligible for specific programs and discounts, which can make home-buying more affordable. For example, an FHA loan is designed to help first-time homebuyers and requires as little as a 3.5% down payment.
Here are some suggestions for getting a mortgage as a first-time homebuyer:
When applying for a mortgage, you’ll want to have your finances in order. Mortgage lenders want to have confidence when they back your mortgage, which is why they want to see that you have good credit. That’s why you should prioritze paying down high-interest debt before you prepare to buy a house.
In general, mortgage lenders will want to know every detail about your financial life. You’ll have to show proof of income so they know you can afford to make monthly mortgage payments. They’ll also confirm your debt-to-income ratio, which is the amount you pay toward all your debt each month divided by your monthly income. This includes things like student loans, auto loans, credit card debt, and any other obligations you’re making payments on.
One of the most significant reasons to pay off debt before buying a home is that it can free up the money you were putting toward credit card and loan payments. A 20% down payment or more can help you secure a lower interest rate, making you an attractive candidate to mortgage lenders.
Another reason to pay more upfront if you can is because lenders will require you to purchase private mortgage insurance with a lower down payment, which will be tacked onto your monthly payments.
Knowing all the mortgage types can help you find the best home loan program for your financial situation. While the most standard type of home loan is a 30-year fixed mortgage, the right loan will vary depending on your circumstances.
Here are some of the most common home loan types:
If you are a first-time home buyer in Greensboro, you’ll find an experienced and passionate loan officer at Mortgages by Jill. Our team can help you find mortgage options that best fit your needs and plans, including FHA loans and other programs for first-time home buyers.
If you want to purchase a home in Greensboro or the surrounding areas, contact us today to see what mortgage options are available to help you realize your home ownership dreams.
Shopping for a mortgage can be an overwhelming process with countless options to consider. How do you even begin to narrow down your choices among the sea of mortgage lenders out there? While every homebuyer's needs and priorities are different, the best mortgage lenders all tend to share some key traits in common that set them apart from the rest. In this blog post, we'll explore what characteristics the top mortgage lenders have in common, so you can look for these markers during your search.
The best mortgage lenders in Greensboro, NC stay up-to-date on the latest industry trends, rates, and regulations. They have a deep understanding of the mortgage process from start to finish, and they use their knowledge and experience to educate and guide their clients every step of the way. The best mortgage professionals are constantly honing their skills through continuing education and training. This expertise allows them to make the lending process as smooth and stress-free as possible. Now, let’s explore how to find the best mortgage lender for you!
Perhaps the most important commonality between the best mortgage lenders is that they provide top-notch customer service. From your very first interaction with a lender, you should feel like a priority. Mortgage professionals who promptly return calls and emails, patiently answer all questions, and proactively communicate throughout the entire lending process are demonstrating a dedication to service that sets them apart. The mortgage process involves mounds of paperwork and can be time-consuming. Quality lenders will handle the heavy lifting for you, providing exemplary service that makes the process as painless as possible.
Truly great mortgage lenders have their fingers on the pulse of the market at all times. They stay completely up-to-date on interest rates, economic trends, regulatory changes, and loan products. This high level of market knowledge enables them to quickly evaluate your financial details and match you with the optimal mortgage solution. Expert lenders are constantly researching loan options to ensure they can offer you the absolute best rates and terms. They are also able to provide sound forecasts and projections about where rates and the housing market may be headed. Their market savvy can save you money now and in the future.
Along with market expertise, the top mortgage lenders provide an wide variety of loan products to meet diverse financing needs. From conventional and government-backed mortgages to jumbo loans and adjustable rate options, excellent lenders offer numerous programs and terms. They will take the time to thoroughly explain the features and tradeoffs of each product to help you select the one that best fits your unique situation. Great lenders want to provide the ideal loan, not just the one that's most convenient or profitable for them. Their access to multiple mortgage products through trusted wholesale lenders means you have plenty of financing choices.
The best mortgage professionals maintain strong relationships with key industry players, which expands their capabilities and resources. Premier lenders have established partnerships with appraisers, home inspectors, real estate agents, insurance agents, and title companies. These networks help top lenders provide ultra-efficient and streamlined services for a smooth mortgage process. For example, a lender with strong ties to appraisers can often get yours scheduled and completed quickly. Additionally, relationships with real estate agents give lenders valuable neighborhood and market insights. When examining potential lenders, look for ones with diverse and well-established connections.
All lenders have to follow federal mortgage regulations and guidelines, but the very best go above and beyond when it comes to ethics and transparency. They clearly explain rates, fees, penalties, terms, and their entire lending process so there are no surprises. The top mortgage professionals won't push you into products, rates, or terms you're uncomfortable with. They keep your best interests at heart. Premier lenders also prioritize data security and only share your personal information with essential third parties. Additionally, they are committed to fair lending practices that ensure every borrower is treated equitably. When a mortgage lender conducts themselves ethically in every facet of the business, clients can rest assured their needs come first.
While expertise and access to diverse loan options are crucial, the best lenders also recognize that every borrower's situation is unique. Top mortgage professionals take the time to truly understand your short and long-term goals, finances, and circumstances to recommend products that align with your needs. Elite customer service means pampering clients with undivided attention and customized options instead of pushy salesmanship. The premier lenders will get to know what mortgage structure and terms fit your lifestyle. Your comfort and confidence should matter to them.
Mortgage lenders that exhibit these top qualities earn your trust and business. You want to find professionals who make the lending process smooth and straightforward even when buying a home is stressful. Carefully vet potential lenders to ensure you select one that will provide exemplary service and personalized options. The right mortgage lender-client relationship can save you money and make your homebuying journey enjoyable.
Finding the right mortgage lender for your unique needs and financial situation is key to getting the best loan for your circumstances. While every top mortgage lender may do things a little differently, they share core attributes like strong customer service, market expertise, and ethical business practices. Taking the time to research potential lenders and ask the right questions will help you find a mortgage pro who you can trust to provide exemplary service and competitive rates.
The mortgage lending process can seem complex, but the right lender will simplify it for you and make financing your home an exciting journey. With an experienced lender, like those at Mortgages by Jill, in your corner, you can feel confident that you are getting the perfect loan to match your budget and goals. The result will be a smooth closing and long-term satisfaction with your home financing decision.
If you own a home, you may have considered the idea of refinancing your mortgage. Doing so could lead to lower monthly payments, a shorter loan term, or even a switch from an adjustable rate to a fixed-rate mortgage.
However, the decision to refinance is not one to take lightly. For one, you’ll want to make sure it is absolutely necessary. So, how do you know when it's the right time to do it?
Let’s quickly go over the main signs indicating when it makes sense to refinance your mortgage.
If there ever was an opportune time to consider refinancing your mortgage, it’s when interest rates are dropping. As interest rates fluctuate, you may find that rates have dropped since you first obtained your mortgage, making it an opportune time to refinance and reduce your monthly payments.
As a rule of thumb, a 1% or more rate decrease could make refinancing worthwhile. Check out Ameris Bank refinance rates to do a quick comparison.
If your credit score has significantly improved since you initially purchased your home, you may qualify for more favorable refinance rates. A higher credit score demonstrates better financial responsibility, making you a more attractive borrower to lenders.
The average FICO Score in the U.S. is 714. If your credit score increased from 650 (Fair) to 720 (Good) on the FICO scale, you could qualify for lower interest rates, potentially saving you thousands of dollars over the life of your mortgage.
Life circumstances change, and your financial situation may have evolved since you first bought your home. If you now have a higher income or have paid down significant debts, you may be in a better position to refinance and secure more favorable terms.
Most commonly, people who now have the cash to spend may opt to shorten the loan term. If you have a long-term mortgage but now want to shorten the loan term by making larger monthly payments, a refinancing agreement may be warranted. This helps you save on interest and become debt-free sooner.
If you’ve built significant equity in your home and need access to quick cash, you could consider cash-out refinancing. This option allows you to borrow against your home's equity, providing you with a lump sum of cash that can be used for various purposes, such as home improvements, debt consolidation, or other investments.
Adjustable-rate mortgages (ARMs) can be advantageous in the beginning, but they come with the risk of interest rate fluctuations. If you prefer the stability of a fixed-rate mortgage or anticipate rising interest rates, refinancing into a fixed-rate loan may be a wise choice.
At Mortgages By Jill, we work with you to find the right home loan solutions in the Greensboro area. If you’re looking to refinance your mortgage or explore other loan options, we’re here to help ensure a smooth and successful process.
Schedule a quick 30-minute consultation now by calling 336-740-9068 or through our contact form.
Are you a first-time homebuyer in the beautiful city of Greensboro, North Carolina? If so, you're in luck! The Greensboro First Time Homebuyers Program is designed to provide financial assistance and guidance to individuals or families looking to purchase their first home in this vibrant city. Read on to learn more about the key features and benefits of this program, helping you understand how it can make your dream of homeownership a reality.
The Greensboro First Time Homebuyers Program is an initiative aimed at assisting individuals or families who have never owned a home before. It offers financial support through down payment assistance, affordable mortgage options, and educational resources to help participants navigate the home buying process successfully. The program is administered by the City of Greensboro, in collaboration with mortgage lenders and community organizations.
The Greensboro First Time Homebuyers Program offers a wide range of benefits that are specifically designed to support and empower individuals or families looking to purchase their first home. Let's explore some of the key advantages of participating in this program.
By availing yourself of the benefits offered by the Greensboro First Time Homebuyers Program, as an aspiring homeowner, you can overcome financial barriers, secure favorable mortgage terms, gain essential knowledge, and receive dedicated support from the local community. These advantages work in synergy to create an environment where first-time buyers can confidently embark on their homeownership journey and achieve their dreams of owning a home in Greensboro.
As a preferred loan officer with North Carolina Finance Authority, Jill Burgess of Mortgages By Jill has extensive experience working with various city-wide down payment assistance programs, including the Greensboro First Time Homebuyers Program. With over 30 years of mortgage lending experience, Jill is well-equipped to guide first-time buyers through the complex process of obtaining a mortgage and accessing available grants and assistance.
Whether you're a medical professional, a first responder, or simply a first-time buyer looking to enter the Greensboro housing market, Jill's dedication and passion will ensure you receive personalized assistance and support. Her expertise in loan programs such as Conventional, FHA, VA, USDA, and Portfolio loans allows her to find the best fit for your unique situation, even if you don't fit traditional underwriting criteria.
The Greensboro First Time Homebuyers Program, in tandem with the expert services here at Mortgages By Jill, offers a valuable opportunity for individuals or families seeking to purchase their first home in Greensboro, North Carolina. By providing down payment assistance, affordable mortgage options, and educational resources, the program aims to remove barriers and empower first-time buyers on their path to homeownership.
If you're considering buying your first home in Greensboro, reach out to Jill Burgess at Mortgages By Jill for a quick 30-minute consult. With her years of experience and commitment to client satisfaction, she can guide you through the process, ensuring a smooth and successful home buying journey. Take advantage of this fantastic program and make your dreams of owning a home in Greensboro a reality.
Mortgage officers play a crucial role in the home-buying process, assisting clients in obtaining the necessary financing to purchase their dream homes. These professionals possess a wealth of knowledge and expertise in the mortgage industry, allowing them to navigate the complex world of loans and mortgages. In this article, we will explore the various responsibilities and tasks that mortgage officers, such as Jill Burgess of Mortgages by Jill, are qualified to handle.
One of the primary responsibilities of a mortgage officer, similar to loan officers in Winston Salem, is to provide expert advice and guidance to clients seeking mortgage loans. Mortgage officers like Jill Burgess, with her 30 years of experience, offer personalized consultations to understand clients' unique financial situations and goals. They assess clients' creditworthiness, income, and debt-to-income ratio to determine the type and amount of loan they qualify for. Through these consultations, mortgage officers ensure that clients are well-informed about their options and can make confident decisions.
Mortgage officers also assist clients in obtaining pre-approval for mortgage loans. This process involves collecting and reviewing clients' financial documents, such as tax returns, pay stubs, and bank statements. Mortgage officers evaluate this information to determine the maximum loan amount that clients can afford. Pre-approval gives homebuyers an advantage in competitive housing markets by demonstrating their credibility to sellers.
Once clients have identified a property, mortgage officers guide them through the loan application process. They help complete the necessary paperwork, ensuring accuracy and completeness. Mortgage officers are well-versed in the documentation requirements of different loan programs, including conventional, FHA, VA, USDA, and portfolio loans. Their expertise ensures that clients submit thorough and compliant applications, avoiding potential delays or rejections.
Mortgage officers act as a liaison between clients and lending institutions during the loan processing and underwriting stages. They collaborate with loan processors and underwriters to gather additional information, resolve any outstanding conditions, and address any concerns that may arise. Mortgage officers leverage their experience to navigate potential obstacles, ensuring a smooth and efficient loan approval process.
A significant aspect of a mortgage officer's expertise lies in their comprehensive understanding of different loan programs and products. Jill Burgess, for example, has experience working with jumbo loans, medical professional loans, FHLB loans, and down payment assistance programs. They can assess clients' unique circumstances and recommend the most suitable loan options tailored to their needs. This extensive knowledge helps borrowers access financing solutions that align with their financial goals.
The mortgage industry is subject to various regulations and compliance standards to protect consumers and ensure fair lending practices. Mortgage officers are well-versed in these regulations and ensure that loan applications and processes adhere to them. They stay up to date with changing laws and guidelines to provide clients with accurate and compliant information.
Mortgage officers don't just assist clients during the loan application process; they also provide ongoing support and maintain long-term relationships. Even after the loan is closed, mortgage officers like Jill Burgess continue to serve as a resource for their clients. They answer questions, provide guidance on refinancing options, and help clients navigate any changes in their financial situations.
Furthermore, mortgage officers understand the importance of building strong relationships with their clients. They prioritize personalized service and take the time to understand clients' individual needs and goals. By fostering trust and open communication, mortgage officers can better tailor their services and offer customized solutions.
Mortgage officers also stay in touch with their clients through newsletters, educational resources, and periodic check-ins. They provide updates on market trends, interest rate fluctuations, and any relevant changes in the mortgage industry. This commitment to ongoing support and relationship building sets mortgage officers apart and ensures that clients have a trusted advisor throughout their homeownership journey.
Mortgage officers, like Jill Burgess of Mortgages by Jill, bring valuable expertise and guidance to the home buying process. With their comprehensive knowledge of mortgage products, loan programs, and regulatory requirements, these professionals help clients navigate the complexities of securing a mortgage. From initial consultation to loan approval, mortgage officers play a vital role in ensuring a smooth and successful home buying experience. If you're in the Triad of North Carolina or beyond and seeking personalized service and expertise, reach out to a seasoned mortgage officer like Jill Burgess to guide you through your mortgage journey.
Are you considering buying a home in Greensboro, North Carolina? If so, you're likely looking into mortgages and researching the various loan options available to you. While many people opt for traditional mortgage loans when purchasing their homes, another option - portfolio loans - may better suit your needs.
What is a portfolio loan, you ask? Simply put, it’s a loan option that is becoming increasingly popular in the real estate industry for its flexibility and customizability. It is important, however, for borrowers to understand the difference between securing a mortgage loan and a portfolio loan in Greensboro, North Carolina. In this blog post, we will explore the five key differences between a portfolio loan and a traditional mortgage. Soon you'll have all the information necessary to decide which type of loan best fits your needs. Read on for an overview of both loan types, along with some helpful tips on applying for a portfolio loan in Greensboro.
Creditworthiness
When applying for a traditional mortgage, your creditworthiness is one of the most important factors considered by lenders. Applicants with scores of 700 or higher are often preferred. However, with a portfolio loan, lenders take a wider range of factors into consideration, such as assets, income, and other investments. This means that even if your credit score is less than perfect, you may still qualify for a portfolio loan.
Flexibility
Portfolio loans offer more flexibility than traditional mortgages. For instance, traditional mortgages have strict guidelines and requirements set by the government agencies such as Fannie Mae and Freddie Mac. In contrast, portfolio loans are not bound by these guidelines and allow for more flexibility in the loan terms, repayment options, and interest rates.
Non-warrantable properties
A significant difference between portfolio loans and traditional mortgages is that portfolio loans are suitable for non-warrantable properties such as investment properties, condos, and co-ops that don't meet specific government agency guidelines. Traditional mortgages cannot be used for such properties.
Speed
Portfolio loans are known for their quick turnaround times. Traditional mortgages can take months to process. On the other hand, portfolio loans can typically be approved within days, and the funds can be disbursed within weeks.
Underwriting
Underwriting is the process that lenders use to determine how much risk they are taking on when issuing a loan. With a traditional mortgage, the underwriting process is generally inflexible, and the criteria are typically the same for all applicants. In contrast, portfolio loans are underwritten on a case-by-case basis, which means each application is evaluated based on the borrower's unique set of circumstances. This can make it easier for borrowers to qualify for portfolio loans than traditional mortgages.
In conclusion, portfolio loans offer distinct advantages over traditional mortgages. They offer more flexibility, are more accessible for individuals or investment properties that don’t meet specific guidelines, and they tend to be processed much faster than traditional mortgages. If you are a Greensboro, North Carolina, homeowner or a prospective homeowner looking for the best portfolio loan, you are in the right place. Jill Burgess specializes in providing expert mortgage services, including portfolio loans, to residents of Greensboro, North Carolina. With her wealth of experience in the industry, she can help you navigate the portfolio loan process and secure a loan that is best suited to your unique needs. Contact Mortgages By Jill today to get expert advice on securing your portfolio loan.
Understanding what a mortgage lender is and why finding a good one is critical can make all the difference when buying a home. Essentially, a mortgage lender is a financial institution or individual who provides loans to those looking to purchase a property. They assess your financial history, determine your eligibility, and provide you with the funds necessary to seal the deal. Finding a competent mortgage lender is vital because it can mean better interest rates, lower fees, and generally smoother transactions. With the help of a trustworthy lender, you can feel confident that you are making the best choice for your financial situation and securing a comfortable future in the home of your dreams.
Whether you're a first-time homebuyer or a seasoned real estate investor, choosing the right mortgage lender can make all the difference. But how do you know where to begin with so many options in Raleigh, NC? Fear not! We've compiled five tips for finding the best mortgage lenders in Raleigh, NC.
Determine Your Budget and Needs
Before beginning the search for the best mortgage lender, you must determine your budget and what you're looking for in a home loan. Knowing what you can afford and what loan you need will help narrow your options. A good lender will be able to find a loan that best fits your budget and financial goals.
Ask for Referrals and Read Reviews
Asking friends, family, and real estate agents for referrals is a great way to find potential lenders. These individuals likely have experience working with various lenders and can provide you with insight into their experiences. It's also a good idea to read reviews from reputable sources like NerdWallet, Yelp, or Google to understand how satisfied past clients have been.
Check for Accreditation and Professionalism
It's crucial to ensure that any potential lender is legitimate and accredited. Look for credentials such as the National Mortgage Licensing System (NMLS) number to verify a lender's legitimacy. Additionally, a professional appearance, timely communication, and transparency are essential qualities to look for in a lender.
Compare Interest Rates and Fees
While you'll want to find a lender who will work with you and is trustworthy, you also want to compare interest rates and fees to ensure you're getting a competitive rate. While lower interest rates may seem the most attractive, they can come with more significant fees or vice versa. A reputable lender will provide a breakdown of all fees and costs associated with your loan.
Choose a Lender that Offers Variety
A good lender offers various loan products to give borrowers choices that best suit their needs. So, whether you're looking for a fixed or adjustable rate loan, a conventional or government-backed loan, or a mortgage with private mortgage insurance (PMI), the best mortgage lenders in Raleigh NC will have options that work with your budget and financial goals.
Choosing the wrong mortgage lender can have devastating consequences. It may seem like a minor decision, but it can cost you dearly in the long run. A lousy lender may offer you unaffordable terms or deceptive rates, putting you at risk of defaulting on your mortgage. This can lead to foreclosure and a significant hit on your credit score. Additionally, falling into the trap of a predatory lender may leave you saddled with debt for years to come. That's why it's crucial to research, compare rates, and choose a reputable lender with a track record of transparency and fairness. Don't let a bad decision haunt you. Instead, protect yourself by doing due diligence and choosing the right lender.
By determining your budget and needs, asking for referrals, verifying credentials and professionalism, comparing interest rates and fees, and choosing a lender that offers a diverse range of products, you'll be on your way to securing the best mortgage for your future dream home. Following these tips, you can confidently navigate the home-buying process and ultimately land the best mortgage lender in Raleigh, NC.
When you are ready to work with the best in the business, contact the best at Mortgages By Jill. Jill Burgess (NMLS #100425) has personally funded over 2 billion dollars in mortgage loans over her career spanning 30 years. She has earned the respect of her peers and her clients. She has been described time and time again by her clients and colleagues as professional, personal, and passionate. Get in touch today to start your application!
Entering the real estate market for the first time is an exciting endeavor that can involve a lot of stress if you do not have access to the right expertise. When seeking out professional assistance to support you throughout the home-buying process, real estate agents and financial advisors may be the first characters that come to mind. A mortgage loan officer, however, is another valuable type of service provider that can help facilitate a successful purchase.
Mortgage loan officers help clients pinpoint the most suitable types of mortgages at their disposal. If you are searching for a reliable mortgage loan officer in Greensboro, NC, Mortgages by Jill is your top choice. Continue reading to learn how this type of service can assist you as you purchase your first home.
First-time home buyers typically do not have enough cash to make a full purchase without applying for a loan. The key is to understand which properties are within your budget based on the amount of money that you have saved for a down payment. In other words, it is important to know what percentage of your purchase will be covered by your mortgage. A pre-qualification is an estimation of the loan amount that a prospective buyer is eligible for based on a number of factors. Mortgage loan officers can provide an extremely accurate pre-qualification, which will inform your search. They will take into account your credit history, current loans, income, and other relevant factors.
Paying down a mortgage can take several decades depending on the borrower’s income and the total value of the property. Carrying over a loan of this size is a major decision which should be made using a strategic approach. Mortgage loan officers provide useful information surrounding the different types of mortgages and which options are best suited to your needs. Options like the NC Home Advantage Mortgage or the Core City Homebuyer Incentive Program are important to know about to ensure you save as much money as possible.
Filing an application for a mortgage incorrectly can affect your access to funds and delay the entire home-buying process. These applications are highly involved, and should include a variety of financial documents such as the applicant’s tax returns, pay stubs, bank statements, and more. A mortgage loan officer can ensure all of your forms are up to date, and in compliance with the lender’s application guidelines.
Once you have your eye on your first home, we guarantee you will want to move in as soon as possible. Unfortunately, mortgage loan processing times often delay real estate purchases. A mortgage loan officer can expedite this process, providing the client with access to funds faster. One of the main causes of delay is when an underwriter requires clarification on the applicant’s documents or other information. A mortgage loan officer can answer questions on the client’s behalf, providing prompt, clear responses that make it possible for banks to disperse funds.
If you are ready to buy your first home, but are unsure of whether or not you have enough upfront cash, a buyer assistance program can help. As a mortgage loan officer in Greensboro, NC, Jill Burgess has access to a variety of resources such as NC 1st Home Advantage 8K Down Payment Assistance, the Housing Connect Greensboro 10K Down Payment Assistance Program, and more. Working with a professional ensures you never miss out on a great financial opportunity.
Contact us today to learn more about how a mortgage loan officer in Greensboro, NC can help you navigate the complex world of real estate.
Buying a home is one of the best things you can do to invest in your future and build equity. However, getting approved for a mortgage can be challenging if you're self-employed or have an inconsistent income.
Bank statement mortgages provide a solution to this problem by considering your income based on your bank statements rather than tax returns. This blog discusses what you should know about bank statement mortgages, including their requirements and benefits.
A bank statement mortgage is a loan program that considers the borrower's income based on their personal or business bank statements rather than tax returns.
Lenders look at several factors to determine a borrower’s income, including:
A bank statement mortgage is designed for those whose tax returns may not accurately reflect their financial circumstances, such as:
Many ways to earn a living aren't accurately reflected in a tax return. Even if you're not ready to purchase a home, speaking with an experienced loan officer can give you insight into the application process and the steps to make your bank statements appealing to a lender.
Organizing your finances early in the home-buying process will make your journey to ownership much less stressful and can even help you to secure better terms for the loan.
To qualify for a bank statement mortgage, borrowers must have at least 12 to 24 months of bank statements, and the average balance in the account must be consistent and sufficient to support the loan amount.
Lenders also look for a minimum deposit amount and require the deposits to come from a legitimate source of income.
There are still the traditional mortgage requirements as well, including:
One of the main benefits of bank statement mortgages is that they’re e a flexible solution for self-employed people or have inconsistent income.
Evaluating a borrower's income based on bank statements avoids the need for tax returns. It’s a straightforward way to avoid the difficulties of documenting income when you don’t have a traditional 9 to 5 or salary.
Additionally, bank statement mortgages often have a faster application process, and the loan terms can be more favorable than traditional mortgage loans.
While bank statement mortgages offer many benefits, there are also some considerations to keep in mind.
The interest rates for bank statement mortgages are often higher than traditional mortgage loans, and the loan terms may be less favorable.
Give yourself plenty of time to find the right lender for your needs because requirements vary between institutions. Shop around and compare all your loan options before making a decision.
Even if you don’t have a traditional income, it doesn’t mean buying a home is out of reach. Bank statement mortgages offer a solution by considering the borrower's income based on their bank statements.
Jill Burgess is a preferred loan officer with the North Carolina Finance Authority. She’s a professional with over 30 years of mortgage experience, eager to help self-employed individuals find the right lending solution on their journey to home ownership.
No matter your situation, Jill provides the same professional, personal, and passionate service. Apply for a bank statement mortgage today.
Not all home loans are the same. That’s why knowing what kind of loan is most appropriate for your situation is essential. This ensures you are prepared for any scenario and for talking to lenders to get the best deal.
This article will discuss the various types of Ameris mortgages available to North Carolina residents.
Here are the various types of mortgage options offered by Ameris:
As you prepare to buy a home, there are several things you can do to prepare before applying for a mortgage. These include:
Mortgages by Jill provides professional, personal, and passionate service to first-time and existing homeowners in the Triad of North Carolina. Jill works with individuals who have excellent credit profiles but don’t necessarily meet post-housing crisis underwriting criteria. The mission of Mortgages by Jill is to bring common sense back to mortgage lending.
Buying a home can feel overwhelming, but working with an experienced, knowledgeable loan officer can give you clarity and insight into the entire process. From collecting the necessary documents to finding the right lender, Mortgages by Jill helps homeowners get mortgages.
If you’re dreaming of a home in an area with warm weather and beautiful landscapes, North Carolina may be the state for you. It’s one of the fastest-growing states in the United States, and with the USDA home loan program, you could be one step closer to affordable living in the Tar Heel State.
USDA loans are awarded by the U.S. Department of Agriculture from the USDA Rural Development Guaranteed Housing Loan Program. They offer 100 percent financing with no downpayment required and low mortgage insurance rates. This article will cover everything you need to know about USDA home loans in NC.
In North Carolina, there are three types of USDA loans available to residents:
In general, USDA loans are more affordable than other loans. That’s because USDA loans provide 100 percent financing for borrowers with no down payment required, unlike conventional and FHA loans.
However, some borrowers believe USDA loans are stricter than other loan types due to eligibility requirements. The essential requirements are income and property eligibility. Luckily, several rural areas in North Carolina may qualify for USDA loan property eligibility. Areas that are not eligible are around major cities like Charlotte and Raleigh.
There are several ways you can use or benefit from a USDA home loan in NC. These include:
If you're planning to buy a home in North Carolina, working with a mortgage broker is the best way to simplify the process and get a great deal.
At Mortgages by Jill, we’re here to help you secure the financing you need to make your dream home a reality. Start your mortgage loan application online now. You can also schedule a consultation by calling 336-740-9068 or through our contact form, and get started on your journey to homeownership.
Taking out a mortgage to purchase a home is often considered to be one of the most important financial decisions that a person will make—especially as a first-time home buyer. With so much to consider prior to purchasing a house, and the staggering amount of money you must borrow to seal the deal, it’s important to work with an experienced professional to secure a reliable and fair mortgage.
Jill Burgess of Mortgages by Jill is a savvy mortgage broker with extensive experience helping potential buyers like yourself find the right mortgage for them. This article is going to explore what a mortgage is, how it works, and the benefits of working with a mortgage expert like Mortgages by Jill to obtain one.
If you’re a first-time homebuyer, you may not be familiar with all the minutiae that go into buying a home, such as the details of a mortgage. A mortgage is a loan given by a bank or other lending institution to purchase property, such as a house or commercial building. The borrower pays back the loan by making monthly payments over an agreed-upon period of time. Mortgages are typically long-term loans with fixed interest rates that can last from 15 to 30 years.
Mortgages are generally secured by the property being purchased, meaning that if you don't make your monthly payments, your lender can take possession of your home in order to recoup their losses. Mortgages can also be unsecured, which means they're not backed by any collateral and have higher interest rates because there's more risk for lenders.
As a first-time buyer, working with a reputable mortgage professional like Mortgages by Jill will be essential to your success in securing a fair and reasonable mortgage.
Another aspect of the home-buying process that first-time homeowners may not be aware of, is the various kinds of mortgages. There are two main types of mortgages: Fixed-rate mortgages and variable-rate mortgages. Fixed-rate mortgages have a fixed interest rate over the entire life of the mortgage, while variable-rate mortgages have an interest rate that changes periodically.
Fixed-rate mortgage is more expensive than variable-rate mortgage in terms of monthly payment, but it is more stable in terms of repayments. Variable rates may fluctuate up and down as market conditions change, but they also offer lower initial payments than fixed rates. Variable-rate mortgages are adjustable-rate mortgages with an interest rate that is periodically adjusted based on an index that reflects the cost to the lender of borrowing on the credit markets.
The loan may be offered at the lender's standard variable rate/base rate. If all this sounds complicated to you, you’re not alone. Many first time home buyers look to the guidance of a reputable mortgage broker to show them the ropes and walk them through the mortgage process. Mortgages by Jill will show you a few options for your mortgage and help you pick the best one for you!
By now you’re probably considering working with the fantastic Jill Burgess of Mortgages by Jill, but you’re probably wondering what services she can specifically offer. As a seasoned mortgage professional Mortgages by Jill offers clients specialized mortgage services for their unique lifestyle and positions. She offers everything from medical professional mortgages to a special first-time homeowner program.
As a first-time homeowner, you should reach out to Jill Burgess for a unique first-time homeowner program to help you through the mortgage process. As a top-producing loan officer for The North Carolina Housing Finance Agency, Jill has been helping first-time home buyers for over 30 years!
If you’re looking to purchase a home, you should prepare to be in it for the long haul. That’s because you’ll make mortgage payments for the next 15, 20, or 30 years. For this reason alone, it’s wise to shop around to find the best mortgage lenders possible for your situation.
This article will explain everything you need to know to find the best mortgage lenders in Greensboro, NC.
Regarding home mortgage loans, the best lender for you may not be the best for someone else. This is because mortgage lenders vary by the types of home loans they provide and the rates and fees they charge. As you prepare to purchase a home, you will want to have your finances in order to learn what types of home mortgage loans you may qualify for.
Here are several tips on how to find the best mortgage lender in Greensboro, NC.
We’ve added several tips on how to find the best mortgage lenders below.
Before you start looking for a mortgage lender and apply for a loan, improve your credit standing if needed. This means pulling your credit score and reports to determine how much debt you owe and making a plan to get it down.
An essential part of finding the right mortgage is knowing how much you can afford before speaking with a lender. Your mortgage lender may qualify you for a loan that could max out your budget and leave no room for unexpected expenses. Lenders preapprove you for a home mortgage based on your gross income, outstanding loans, and resolving debt. They don’t look at other monthly bills like utilities, gas, daycare, insurance, or groceries.
Settling on the first mortgage lender you speak with isn’t the best idea. You will want to shop with different lenders like banks, credit unions, online lenders, and local independents to ensure you get the best deal possible on rates and terms. Pay special attention to how mortgage lenders communicate and how their online technology works.
If you're planning to buy a home in the Greensboro area, working with a mortgage broker is the best way to simplify the process and get a great deal.
At Mortgages by Jill, we’re here to help you secure the financing you need to make your dream home a reality. Start your mortgage loan application online now. You can also schedule a consultation by calling 336-740-9068 or through our contact form, and get started on your journey to homeownership.
In Greensboro, first-time home buyers may have different reasons for wanting to purchase their first property. Some might see it as a right of passage into adulthood, while others consider it an important step toward starting a family or a reward for finishing school and building a career.
Regardless of your motivation for wanting to buy, you will eventually encounter the financial realities of buying your first home. From qualifying for a loan to saving for a down payment to ensuring you can handle monthly mortgage costs, there are plenty of requirements to consider before you can be confident in your decision to purchase.
Are you really prepared to buy your first property? Here are the signs that Greensboro first-time home buyers are ready for the challenges of purchasing real estate.
You will need to prove that you have income during the mortgage application process. Also, you do not want to create extra financial stress by getting a mortgage with monthly payments that you can't afford.
How much can you pay? Advice varies, but most experts suggest not spending more than 28% of your gross income before taxes on housing.
You will need to collect documentation to prove your income. In some cases, this is as easy as saving paystubs. If you have your own business or work as a contractor, you should save invoices, payment receipts, and tax returns in case they are needed for proof.
Yes, you may move to a different area after selling your first home. However, the real estate market is hard to predict, and you may spend years building equity before you are ready to sell.
Greensboro first-time home buyers should be comfortable with local schools, amenities and services, and commute times before they make an offer on a property.
Lenders will look at your credit history to assess your lending risk level. Your FICO credit score credit score is an indicator of how you handle debt. Most lenders consider applicants with a "good" credit score, which is at least 670 on the FICO scale. However, those with a "very good" rating of 740 or higher can qualify for lower interest rates and better mortgage terms.
If you do not have a high credit score, you can take steps, such as paying down existing debt, to qualify for a mortgage or get better interest rates.
There are two reasons you need to have a savings account with enough to handle three to six months of living expenses and mortgage payments.
First, if you lose your income, you will need to continue making payments while you seek a new job. Second, you will have to cover the cost of unexpected home repairs from time to time, and having money saved can reduce the stress caused by this emergency maintenance.
Your debt-to-income ratio shouldn't exceed 36% for a standard mortgage, though it could be as high as 55% for FHA loans. Since the mortgage payments will likely take up a large portion of your debt-to-income ratio, you should not have too much additional debt.
Greensboro first-time home buyers will find an experienced and passionate loan officer at Mortgages by Jill. We can help you find the mortgage options that best fit your needs and plans, including FHA loans and other programs for first-time home buyers.
If you are seeking a home in Greensboro or the surrounding areas, contact us today to see what mortgage options are available to help you make your home ownership dreams a reality.
Potential home buyers may not only be perusing homes for sale but also land where they can build a home. While the initial cost may seem high, there are ways to make it more feasible for first-time homeowners. Land loans can often be the perfect resource.
If you choose to build a home, you may have to apply for a land loan. We’ll explain how you can get a land loan in North Carolina in further detail below.
A land loan, also referred to as a lot loan, is used to finance the purchase of a plot of land. You can take out a land loan if you want to buy a piece of land to build a home or utilize it for business purposes.
Land loans are sometimes confused with construction loans, which is another type of loan often used by people who want to build a house. So, what’s the difference? If you want to buy a plot of land and build a home right away, you’ll want a construction loan. These short-term loans are intended for prospective home builders who want to start their project immediately and already have everything planned and ready to go.
On the other hand, land loans are a better choice for future home builders who plan to build a home but may hold off for a period of time. If you plan to build within a year or so, getting a land loan is probably one of the best options.
There are three common types of land loans, including:
The easiest way to get a land loan is from a community bank or credit union near the land you want to purchase. As with any loan, you will need to prove you have a good credit score and explain how you intend to use the loan, which can vary depending on what type of loan you’re interested in.
You should highlight aspects of the land that need to be checked, such as zoning, land-use restrictions, surveyed boundaries, and access to utilities. Providing these factors upfront can give lenders an idea of how risky the loan might be.
Once these factors are considered, the land loan rates and obligations can be issued. Interest rates tend to be higher than standard mortgage rates because they’re riskier. However, you may qualify for lower rates if you have a good credit score and a low debt-to-income ratio.
After the loan rates have been determined and approved, you will need to make a down payment and have a plan to pay back the loan at the decided interest rate.
Are you planning to apply for a North Carolina land loan? Let Mortgages By Jill help you get the funds you need to secure your land and start building. Apply for a loan now or contact us for more information.
Purchasing a home is an exciting but intimidating investment. While this is the start of a magical chapter of your life, navigating mortgages is complicated, and steep down payment prices can make buying a home feel like a pipedream. Fortunately, down payment assistance programs in Greensboro, NC, can turn your homeownership dream into a reality.
Down payment assistance programs help first-time homebuyers by reducing the money needed for a down payment. Most programs are run at the city or county levels.
While these programs are intended for first-time home buyers, repeat home buyers who haven’t owned a home in the last three years are also eligible. These programs are often meant for low-to-moderate-income (LMI) buyers and neighborhoods, though this varies from state to state.
Intended for first-time and move-up homebuyers, this program provides qualified borrowers with fixed-rate mortgages and assistance of up to 3% of the loan amount.
This program only requires repayment if you sell, refinance, or transfer your home before year 15 of your mortgage, and they forgive this assistance at 20% per year between years 11 to 15, with total forgiveness at year 15. To be eligible, you must:
This program covers up to 20% of the home’s sales price as long as it does not exceed $30,000 when matched with an NCHFA Home Advantage Mortgage.
You can also use this program to cover up to 10% of the purchase price in conjunction with a USDA Section 502 loan. The CPLP assistance program is a zero percent interest, deferred second mortgage whose term matches the first mortgage’s term.
This loan does not require a monthly payment, and homeowners typically repay it when their home is sold, refinanced, at the end of its term, or when the borrower no longer lives in the home.
You can also use this program in conjunction with the North Carolina Home Advantage Tax Credit and other down payment assistance loans or grants.
This program is intended for people purchasing homes inside Greensboro city limits. It provides up to $10,000 in assistance and closing costs as a five-year, forgivable loan at zero interest.
You do not have to repay the loan if you reside in the home for five years. It is forgiven at 20% per year for each full year you live in it. Those purchasing a home in redevelopment areas can receive an additional $5,000. To be eligible, you must:
Understanding what down payment assistance programs in Greensboro, NC, are right for your situation requires considerable expertise and extensive experience. With so many available, we advise speaking with a loan officer to find which programs you qualify for and are ideal for your situation. At Mortgages By Jill, we boast 30 years of experience and have personally funded over 2 billion dollars in mortgage loans. Time and time again, our clients refer to us as professional, personal, and passionate, which is why they keep coming back. Schedule a free consultation today!
When the time comes to secure property for a home or business, you have more options available than to just purchase a pre-existing structure. Buying property in this way does have its advantages, such as giving you a space where most of the basic setup and structural work is already completed, but it ultimately limits what’s possible if you’re interested in achieving a particular look, feel, or functionality for your property.
If you want more control over what your property is going to look like, you may find that your best bet is one that’s altogether different; buying land without a pre-existing structure already built on it. This is often a cheaper option up front, but one that requires more work from you long-term; however, it’s also one that affords you the opportunity to truly build your home or place of business from the ground up in the way that you want.
While buying land can be cheaper than buying a house or commercial structure, it’s still most likely to be an investment of at least tens of thousands of dollars, meaning that you may need a Charlotte, NC land loan if you plan to build within this area. There are several things you’d need to secure a loan, but one of the most important ones is a down payment. In this blog post, we’ll explore what you need to know about land loan down payments, as well as provide more information about land loans overall.
As mentioned previously, a land loan (much like other property loans such as a mortgage) allows you to secure a piece of property without paying its entire value up front. In this case, unlike with a pre-existing house or commercial building, you’re securing a loan for an undeveloped piece of land.
While this creates more work for you than other options would, there are advantages to this option, depending on your goals. To reiterate, buying vacant land gives you the freedom to develop your property in the way that you see fit from the ground up, allowing you to tailor it to your goals or future interests.
There are three types of land that you can buy: raw land, which is almost entirely undeveloped and lacking features like road access or sewer lines; unimproved land, which may have access to some basic infrastructure but doesn’t offer all utilities you may need; and improved land, which provides full infrastructural and utilities access for any property you build on it.
Land loans are offered by a variety of lenders, including banks, credit unions, government programs, and more. As a result, not every lender has the same down payment requirements for a land loan; additionally, not every lender actually offers a land loan. Those that do, however, will typically expect a higher down payment than in the case of a more traditional type of loan like a mortgage, as a land loan presents a bigger risk to the lender.
While each lender is able to set its own requirements for land loan down payments, the Federal Deposit Insurance Corp. (FDIC) sets minimum requirements for these loans. These minimum percentages vary based on the type of land you’re seeking a loan for. For raw land, the minimum percentage for a down payment is 35%; for unimproved land, the percentage is 25%; for improved land, which is most prepared for new construction and therefore presents the least risk to lenders, the percentage is 15%.
Are you planning to apply for a Charlotte, NC land loan? Let Mortgages By Jill help you get the funds you need to secure your land and start building. Apply for a loan now or contact us for more information.
Buying a property takes a lot of work, research, and effort. It should be an exciting time, and it usually is, but there is no denying that a lot of stress also comes with it. You'll be surprised at the many little things that you have to consider — closing costs, down payments, credit score requirements, legal fees, interest rates — just to name a few.
Working with a mortgage broker can be a great way to simplify the process and ensure you get a great deal. In addition to helping you better navigate the real estate market, A mortgage broker has many years of experience dealing with the various lenders in your area, allowing you to easily compare loans and options.
When it comes to finding a professional mortgage broker in Greensboro, Jill Burgess is here to provide all the assistance you need. Are you looking to become a homeowner in the Greensboro, NC area? Here are a few reasons why working with Mortgages By Jill could be the best decision that you make.
Having someone working on your behalf can make the process a lot simpler and easier. While you are working to secure financing, a mortgage broker will be busy finding a lender and reviewing loan options to find the right loan for you.
A mortgage broker can also help with the paperwork. This is a process that most buyers dread because it can be very confusing. A mortgage broker will help make sure that everything is in order so you can focus on other things.
Buying a home can be a complicated process. There are so many things to consider and it's easy to get overwhelmed. However, with the help of a mortgage broker, you’ll understand the process better as they will walk you through every step.
They can help you understand what each part means, as well as explain all of your options. This way, you can be confident that you are making the best decision for your unique situation.
When you work with a mortgage broker, you have access to a wide range of lenders. This gives you the ability to compare rates and terms to find the best deal possible.
If you were to go through the process alone, it would be very difficult to get in touch with all the different mortgage lenders in your area. This is something that a mortgage broker can do easily.
Negotiations can often be long and tiring. Having an experienced mortgage broker in your corner can ensure that you get the best deal possible. They will negotiate with lenders on everything from interest rates to monthly payments and even better overall terms on your loan agreement.
Plus, you'll be confident that you're getting a great deal because a mortgage broker is required to disclose any commissions they earn.
While you’ll pay your mortgage broker a fee, it will be well worth it in the end. They can help you find and secure a loan that has lower fees and interest rates, which will save you money in the long run.
This includes additional fees such as application fees, appraisal fees, organization, and more. With their years of experience in dealing with lenders, they can easily negotiate for lower fees or even have some charges waived.
If you're planning to buy a home in the Greensboro area, working with a mortgage broker is the best way to simplify the process and get a great deal.
At Mortgages by Jill, we’re here to help you secure the financing you need to make your dream home a reality. Start your mortgage loan application online now. You can also schedule a consultation by calling 336-740-9068 or through our contact form, and get started on your journey to homeownership.
One rule of thumb for buying a house is location, location, location.
Finding the right location is crucial to creating a home you want to stay in forever.
But what if you find the right location in North Carolina, but there isn’t a home on the property? It’s time to think about buying a lot and building your custom home in the perfect spot.
While many people know how to find a home to buy, there are fewer instances where people know how to buy a lot. But there are plenty of resources out there to help you obtain lot loans in NC and create the home of your dreams. And that’s what Mortgages By Jill is all about. Here’s how you can build on land with a lot loan.
What is a lot loan?
A lot loan, or a land loan, is much like a loan to buy a house; it allows you to have the finances necessary to purchase a lot and build a home or business on it. These are different from construction loans used for short-term projects that are already ready to go. Building a home takes time, and you shouldn’t feel rushed to get started right away. Finding a great lot loan allows you to set up your perfect home and work with the right contractors.
How do I build a house with a lot loan?
There are a few different types of lot loans you can apply for, and they differ depending on the status of the land. For example, if you have land that isn’t ready for construction, you’ll want to get a raw land loan. This loan allows you to implement necessary elements for residential construction, such as electricity, sewage, roads, etc. If you have land with a few elements available, you may want to apply for an unimproved or improved lot loan. It’s best to work with a professional to determine what loan is right for your situation. Once you get your loan, you can start working with an architect and contractor to develop and start plans for your home.
What are the benefits of getting a lot loan?
While lot loans may be used less, they are incredibly beneficial for homeowners. It allows you to create a customized home that’s tailored exactly to your preferences. And you can focus on finding the right location instead of the right home, which gets rid of any availability restrictions. And there are often more lots available than houses for sale. There may be some cons to getting a lot loans, such as potentially higher down payments and interest rates. But the pros far outweigh the cons when you build the home you’ve always wanted in the very spot you want to live.
I’ve worked with many potential homeowners who can’t find the right home. That’s when we start exploring lot loans and discussing possibilities of purchasing land to build a new home.
My job is to help you find your ideal lot, explore loan options, and make your ideal home a reality. Contact me today to learn more about lot loan options and how you can build your home using a lot loan plan.
There are plenty of reasons someone would want to refinance their house. From taking out equity for a home improvement project to lowering their monthly payment, homeowners often have their reasons for choosing to refinance their mortgage. However, the time isn’t always right. At Mortgages By Jill, we can help you decide if the time is right for you to consider refinancing your mortgage in Greensboro. Read our guide below to learn a few situations when it would be a good idea for you.
If your current rate is above 4.10%.
Mortgage rates are relatively low at this time. While a rate of 4.10% isn’t something to turn your nose up at, you can do better these days if you have a strong credit rating. Depending on the length you’re looking for when refinancing, some homeowners can qualify for mortgage rates under 3.0%. Moreover, it’s not uncommon to find rates that are below 4.0%. Although, if you already have a rate below 4.10%, it’s not worth the cost to try to lower it a few tenths of a percentage.
If your credit score is at least 620.
The process of refinancing your mortgage is similar to getting your original mortgage and having a strong credit score as one of the requirements. The difference in the rate for which you get approved can be vast if your credit score is lower than 620. In fact, a financial institution might not even consider your application if your score is below that threshold. If your credit score needs some work, take time to bring it up because the financial difference will certainly be worth your while.
If you have a good debt-to-income ratio.
One of the determining factors for your credit score is your debt-to-income ratio. This is calculated by adding everything you pay for your monthly bills, which includes your mortgage, electrical bills, credit card payments, and everything else you pay. Take that number and divide it by your gross (before taxes) monthly income. Ideally, you should come out to be 36% or lower. This is a good number for lenders to see to determine that you can afford to refinance. Of course, one of the goals of refinancing is often lowering that number even more, so that’s something to keep in mind when approaching a lender or broker.
If you’re planning to stay for a while.
The process of refinancing your home is getting one lender to buy out your current mortgage and replace it with one that has a lower interest rate. Similar to when you buy your home, a lender isn’t likely to loan you the money you need if you’re not planning on sticking around for a while. For those who are planning to move within a few years, it’s best to stick it out with your current mortgage and wait until you get to your new home. If you’re in a home you want to stay in for another 10 or 15 years, then you’re a prime candidate for refinancing.
Call to refinance your mortgage.
If you’d like to learn more about mortgages in Greensboro and find out if you should refinance, get in touch with us at Mortgages By Jill. We can help you explore your options and evaluate whether refinancing is worth it for you right now or if you should wait. Schedule a meeting with Jill Burgess today by calling 336-740-9068 or send a message using our contact form. We’re available to take your call seven days a week.
Buying a house can be a fickle process. It’s not like grocery shopping, where you know what you’re going to be paying for your gallon of milk based on the price on the shelf. The money you pay for a home is much more complicated than simply putting in an offer for the listed price. Much of it has to do with the type of loan you get, the interest rate, and the state of the housing market where you’re buying. Working with a loan officer in Greensboro can help you get the best value for your home. If you’ve never considered what a loan officer can do for you, our team at Mortgages by Jill has put together a guide that highlights some of the ways we can help.
Extensive knowledge of loans
Not all loans are the same. They differ based on eligibility, interest rates, repayment terms, and more. Furthermore, loans are fluid, and what you learned about them last year before you started shopping for your home might not be true today. Your loan officer has extensive knowledge regarding the availability of mortgages so you can get the best loan for your personal and financial situations.
Help find the right loan
There are many different kinds of mortgages that are appropriate for different situations. For instance, you might need a jumbo loan if you’re looking for a home that’s more than $647,200 for a single-family home in all states except Hawaii, Alaska, and a few markets that are federally designated as high-cost. Those who are buying homes less than that amount can qualify for conventional loans, while those who served in the military will likely qualify for a VA loan. Ask your loan officer which is right for you, and you can work toward getting approval.
Assist with pre-approval
Getting a pre-approval before shopping for your home can help to save you boatloads of time. Rather than searching the area you want to buy in for any home you love, you can narrow your search to homes in the area that are also within a specific budget. Your loan officer can help you with a pre-approval before you even start the process, so you can shop more efficiently and truly stay within your budget.
Understands assistance programs
It can be tough buying a home. Not only is a mortgage sometimes intimidating, but putting tens of thousands of dollars down for a down payment isn’t always accessible, despite being able to afford the monthly mortgage payment. Fortunately, assistance programs can make it much more affordable to buy a home.
Offers suggestions to improve qualifications
There are often strict qualifications that homebuyers need to meet to qualify for a mortgage. Your loan officer can provide you with suggestions to help you be better qualified to buy a home. They’ll often suggest things like paying off some of your debt, continuing to save for a down payment, and more. While you might not be approved today, following your loan officer’s advice can not only help you get approved later but also save you money by getting a better interest rate.
Reach out to get started
You can get started on the home-buying process today by getting in touch with us at Mortgages by Jill. She’s a loan officer in Greensboro who can help you find the loan you need to get the right house for your family. Schedule an appointment by calling 336-740-9068 or send a message using our online contact form. We’re available to talk seven days a week.
There’s no denying that the home buying process is time-consuming and stressful. Finding a lender, realtor, and property is daunting even in the best of circumstances. One of the best ways to eliminate stress and confusion when you’re shopping for a house is to work with experts with years of experience in their field. Competent real estate professionals can guide you and answer whatever questions arise. If you’re shopping for a mortgage in Greensboro, one of the first things you need to do is gather documents for your application and the underwriting process. Here are the documents Mortgages by Jill recommends getting in order when you’re ready to buy a home.
Your credit report tells the complete story of your borrowing history, repayment, and current debt load. Along with your credit score, your credit history impacts the terms of the Greensboro mortgage a lender will offer you. The lower your credit score, the higher your interest rate.
Even if negative items are on your credit report, you can write lenders a letter to explain previous foreclosures or evictions. Ultimately all the documents in this list are how lenders determine if you’ll be able to repay the mortgage.
Greensboro mortgage lenders want to see not only your earning history but your current income. They usually ask for pay stubs from the past couple of months. If your company uses electronic payroll, this will be easy. However, if you receive paper checks, start filing your pay stubs in preparation for your house hunt.
If you’re someone with non-traditional income, you’ll still be required to show documentation to prove your income. Lenders may ask for direct deposit slips, 1099 forms, or other proof.
Tax returns give a snapshot of your financials over several years. Lenders want to ensure yearly earnings don’t fluctuate and match your reported income. You have to give explicit permission to the IRS for lenders to request your tax returns.
By filling out a Form 4506-T, lenders can get access to your last year’s return. In general, to get a mortgage, you’ll need to show two years of consistent earnings that match the figure on your application.
When you’re getting ready to apply for a mortgage, consider that lenders will be closely examining your earning and spending habits. They’ll ask for proof of insurance, including life insurance and statements for your investment accounts.
Greensboro mortgage lenders will look to see that you’ve had your down payment in your account for several months. They’ll also want to know that you have several months of mortgage payments and monthly expenses saved as well.
If you’re a first-time homeowner, you’ll need to show lenders that you’re responsible and make monthly housing payments on time. You can do this by showing your rent payment history for the past year or asking your landlord to write a letter attesting to your on-time payments.
Your rent history is as important as your credit history. In the years leading up to purchasing a home, make sure to pay on time to build up a record of documentation you can show to mortgage lenders.
Mortgages by Jill provides professional, personal, and passionate service to first-time and existing homeowners in the Triad of North Carolina. Jill works with individuals who have excellent credit profiles but don’t necessarily meet post-housing crisis underwriting criteria. The mission of Mortgages by Jill is to bring common sense back to mortgage lending.
Buying a home can feel overwhelming, but working with an experienced, knowledgeable loan officer can give you clarity and insight into the entire process. From collecting the necessary documents to finding the right lender, Mortgages by Jill helps homeowners get Greensboro mortgages.
Many first-time homebuyers don’t realize that junk–or garbage–fees are negotiable. When considering a Greensboro mortgage lending product, it’s crucial to review all of the closing costs and fees diligently. You can reduce or eliminate many of the fees lenders and brokers tack onto a mortgage by asking questions. Another way to avoid overpaying for your mortgage is by working with an ethical, trusted loan officer. At Mortgages by Jill, we never add extraneous fees, and doing right by our clients is our top priority.
Here are some of the most common mortgage junk fees borrowers should look for in their loans.
One typical fee you’ll encounter is an application fee that initiates the loan process. If you don’t see the application fee in the mortgage documents, it’s likely included in the Total Loan Costs. Even when these junk fees are lumped together, it’s crucial to ask for a breakdown as an initial step of negotiating to reduce or eliminate the application fee.
Lenders charge for processing the loan documents. When the total loan costs include processing and underwriting, you can leverage the cost of those fees to eliminate the application fee.
Underwriting fees are one of the ways that lenders pay for the administrative costs of creating loan documents for mortgages. They’re a standard part of the closing costs of a mortgage. Depending on your lender, they can range anywhere from $400 to $900. Not a considerable cost compared to the mortgage total, but these small junk fees can add up to make closing costs skyrocket into the thousands.
Loan processing describes all of the administrative costs of the loan. It can be redundant if there is an application and underwriting fee. When lenders are unwilling to negotiate the loan processing fees and total loan cost, borrowers have the option of working with a different lender.
Keep in mind while you’re applying for mortgages, you’re also looking for a lender you’ll work with for the duration of the mortgage, so they should be someone with whom you’re comfortable.
Mortgage rate lock fees are becoming rarer. Typically, they range from 0.25 to 0.50 percent of the loan amount. A rate lock ensures that you can still access a lower mortgage rate, even if it goes up while your lender is processing your application.
However, you also won’t be able to take advantage of lower interest without a “float-down” provision in your rate lock.
Asking questions about fees and features of your loan ensures you’re not over-paying for the mortgage and can take advantage of all the tools available to you.
If you work with a broker, they may charge you a fee to act as an intermediary between you and the lenders. You can find a lower cost or a broker that doesn’t bill the lender anything by shopping around for different brokers.
Make sure you interview your broker to find one that can meet your unique needs and your budget for closing costs.
Get professional, personal, and passionate service when you’re shopping for a mortgage by working with Mortgages by Jill. We have over 30 years and $2 billion of experience connecting clients with mortgage lending products. Jill’s goal is to make home-buying stress-free by providing straightforward, expert guidance and insight. We work across the Triad of North Carolina with first-time home buyers, first responders, and previous clients who want to move into bigger properties.
When you’re ready to buy a home, it can be hard to find trustworthy resources for everything from finding a property to securing a loan. Contact Mortgages by Jill for reliable Greensboro mortgage lending free from junk fees.
Buying a home is a big deal. There’s plenty to stress about, from finding the right home to securing your mortgage loan. At Mortgages by Jill, we want to help you prepare by letting you know what you can do to qualify for a mortgage, so you have one less thing to worry about.
Check your credit score
Your credit score is the top determining factor considered by lenders as to whether or not you qualify for a mortgage or not. It also determines the interest rate you’ll get with your home loan. The score itself is based on your ability to pay bills on time as well as your debt-to-income ratio. You’ll see your score shown as a three-digit number between 300 and 850. Scores are organized into four categories as follows:
Fix errors on your credit report
Beyond your credit score, your credit report contains additional information like your name, address, social security number, and old debts. It’s vital to ensure that all of this information is correct so mistakes don’t affect your score poorly. Submit your corrections at least six months before you start shopping for a house, so they have time to take effect on your report.
Improve your credit score
One reason it’s essential to check your credit months before you start shopping for a house is so you can work on improving your score before you apply for a loan. If your credit score is in the fair or even good range, you’re going to have a difficult time getting a favorable interest rate or even securing the loan at all.
If you’re having a hard time thinking of ways to improve your credit score, consider paying off small debts first. These small loans can be an easy way to lower the amount of debt on your report and help your score. Continuing to pay your bills on time will go toward improving your credit score as well. If you don’t have any debt, consider opening a credit card or line of credit with your financial institution.
Lower your debt-to-income ratio
Your debt-to-income ratio is not only part of your credit score, but lenders will also look at it as a gauge for how well you manage your money. Your DIT ratio is determined by gross monthly income divided by the total dollar amount in debt you pay each month, including monthly housing payments, student loans, credit cards, car payments, and others. You can improve your debt-to-income ratio by taking on another job or paying down some of your debts.
Don’t make any other large purchases
When you’re trying to buy a house, your financial focus should be on qualifying for and buying a home. It’s not uncommon for individuals who recently got a pay raise at work to let their eyes get big and try to buy the house, car, and boat all within a few months. Even if you have the money, this isn’t a good idea because it looks impulsive, and lenders will think that your wild spending puts you at a higher risk of defaulting on your mortgage loan.
Save for a down payment
You shouldn’t rush into buying a house. It should be a decision that you take several months or years to plan for so you can find the home that’s right for you and your needs. You should also take time to buy a house because it’s highly recommended that you save for a down payment. Putting as much as 20% down on a home tells the lender that you’re serious about the purchase, as you’re demonstrating a willingness to put your own money toward the investment.
Reach out to speak with a loan expert
If you’d like more information about ways to improve your chances at qualifying for mortgage loans, get in touch with us at Mortgages By Jill. We’ll happily help you start planning for your purchase by evaluating your credit score and matching you with loan qualifications. Give us a call at 336-740-9068 or send a message via our contact form.
Purchasing a home is a wonderful milestone. However, qualifying for loans is not always easy. Luckily, many lenders offer specialty house loans to help people turn their dream home into a reality. If you’re unsure where to start, you’ve come to the right place. At Mortgages by Jill, Jill has personally funded over $2 billion of loans over her stellar 30-year career. She dedicates herself to finding tailored solutions catered to your unique situation.
Here’s our guide to specialty house loans:
GNND house loans provide affordable opportunities to individuals who work in specific public servant fields.
These loans are only applicable to property in ‘revitalization areas.’ GNND loans equate to a 50% discount on the purchase price. Unlike the 3.5% down payment with traditional loans, these loans require a minimum down payment of $100.
For eligibility, you must verify your employment status, find a HUD-owned, single-family property through the HUD Homes database, and purchase it through this program within seven days. Moreover, you must agree to live in the home for a minimum of three years.
If you think you qualify for a GNND loan, at Mortgages By Jill, we’ll find the perfect financing solution to get your dream home.
EMMs are specialty house loans that enable borrowers to add more sustainable features to their homes without having to make a larger down payment or pay a higher interest rate.
You can either add the cost to the mortgage used to purchase a home or roll it into your current mortgage through an energy-efficient refinance. This enables you to make improvements to your current home, and it means you only have to make one mortgage payment per month.
Green upgrades can be a costly investment, but they can save significant amounts of money in the long term. This makes sustainable features more affordable and accessible. Lowering utility bills also makes more income available for mortgage payments by lowering utility bills.
However, the improvements must be cost-effective and exceed IECC standards during a qualified home energy assessment. EEM loans can also help you qualify for a larger mortgage for a property that is already energy efficient.
If you’re interested in energy-efficient upgrades to save money in the long run, at Mortgages by Jill, we’ll find the perfect financing package for you.
Physician house loans are mortgages designed for medical professionals. Typically, these don’t require a down payment.
With many other conventional loan types, lenders often expect borrowers to pay private mortgage insurance (PMI) if their down payment does not exceed 20%. However, physician loans enable you to circumvent paying both the down payment and PMI.
More importantly, they have looser credit standards. These loans are intended for medical professionals just entering the industry. Doctors often have difficulty qualifying for typical mortgages early in their careers.
New doctors usually have a significant debt-to-income ratio (DTI) after medical school. To complicate matters further, they are also unable to provide proof of employment and income if they just graduated or started their residency.
These loans can offer up to 100% financing, and they typically have higher limits. Lastly, physician loans can only be used to buy or refinance a primary residence, meaning you have to live in the home you’re purchasing for most of the year.
If you’re interested in getting your dream home but are having difficulty finding the right financing option, Mortgages by Jill can help you find the perfect house loan for you. With over 30 years of experience, Jill has helped countless homeowners make their dream home a reality. Apply for a loan now! We can’t wait to make your dreams come true.
It can be confusing to buy your first home. There are a lot of hoops to jump through that are meant to determine if you can handle the financial burden of the home as well as protect the lender. Because the process for buying a house is so different from most other things in life, it’s important that you work with the best mortgage lenders in NC for first-time home buyers. At Mortgages By Jill, we can help you make informed decisions when choosing a lender and buying your home. To get started, we’ve included six questions you can ask to make sure you’re working with the right people.
What kind of credit score do I need to get a mortgage?
The simple answer to this question is that it depends on several factors. These include the type of loan you’re getting, how much money you want to put down, and how much you’re willing to pay in interest. The better the credit score you have, the better your chances of getting a low interest rate. So, if you feel like your credit score could use some work before buying a home, it’s probably not a bad idea to pay off some debts before you look to buy.
What interest rate can I get?
It’s not uncommon for buyers to get interest rates that are going to be around 3.0%. The final rate that you get from your lender will depend on the final property value, the amount of the loan you apply for, the term of the loan, and your credit score. We can work together to find a loan that works best for your budget and meets the needs of the home you plan to buy.
Do you offer a mortgage rate lock?
A mortgage rate lock is an important part of buying a home because it ensures that the rate you were given at the time you started closing on your house won’t change. For instance, if you started buying a home today and were offered a 3.05% interest rate on the loan but it takes 60 days to close on the loan, you could see an increase in your rate to 3.25%. While this feels like an insignificant increase now, you could end up paying hundreds of dollars more in your loan every year. Locking your mortgage rate is a great way to make sure that you get the rate you were initially offered.
Can you do prequalification or preapproval?
When you’re shopping for a home, you can quickly narrow your search by getting a prequalification or preapproval. Doing prequalifications and preapprovals sound like they’re the same process but they are somewhat different. The principle behind them is to make sure that you do qualify for the cost of a home you’re looking at buying, but the processes are slightly different. A prequalification is much less formal and the lender will simply ask for financial information to provide you with an amount you qualify for. Preapprovals require official documentation of W-2s, bank statements, tax returns, and more to provide you with a more accurate number.
How much of a down payment do I need?
Whether or not you need a down payment depends entirely on the type of loan you’re getting and the size of the loan you’re applying for. Many lenders will require some type of down payment as evidence that you’re serious about buying the home. This means that you have a significant amount of money invested and are considered less likely to default on the loan. A 10% down payment is not uncommon but 20% can improve your chances of getting approved for a loan and even help you get a lower interest rate.
Reach out to speak with a lender
If you’re looking for the best mortgage lenders in NC for first-time buyers, get in touch with us at Mortgages By Jill. Our team can help you get started buying your first home and securing a mortgage. Give us a call at 336-740-9098 or send a message with your inquiry. We look forward to being a part of your home-buying experience.
Thinking of buying your first home or an additional property? Before you start looking up Greensboro mortgage companies, it’s important to have a general understanding of the different types of specialty home loans you may qualify for. This could be the difference between getting approved for a loan and missing out on the house of your dreams!
Here at Mortgages By Jill, we’re dedicated to providing education along with high-quality mortgage lending services. Below, you’ll find some information on a few different specialty home loans.
If you aren’t able to qualify for a conventional home mortgage, you may find that a specialty program can help you secure a loan. Specialty home loans are available to certain professions, such as doctors, veterans, firefighters and other first responders, and more. They can also apply to unique situations, such as being a first-time homebuyer or wanting to add energy-efficient features to a home.
Medical professionals often carry significant student loans or other debt that can affect their ability to qualify for a mortgage. Luckily, there are physician loan programs designed especially for them. These types of loans typically come with a very low down payment, with no private mortgage insurance required.
You don’t necessarily need an “MD” by your name to qualify for this type of loan, either — dentists, pharmacists, veterinarians, physician assistants, and a range of other medical professionals may qualify.
This type of mortgage is backed by the Department of Veterans Affairs. If you’ve served or are serving in the military, you automatically qualify for a VA loan. That means veterans, reservists, active-duty personnel, and even family members can qualify. Typically, VA loans don’t require a minimum credit score or down payment.
An FHA loan is offered through the Federal Housing Administration and is designed to help homebuyers who have limited funds for down payments. This program is available to people of all income levels and allows for a co-applicant to improve your chance of qualifying for a loan. You will still need a credit score of at least 500, however.
FHA mortgages can require a down payment as low as 3.5 percent, but the downside to these is that you’ll have to pay the mortgage insurance premium — which can be thousands of dollars.
It may come as a surprise, but an estimated 97 percent of U.S. citizens can qualify for a USDA home loan. These loans are offered through the United States Department of Agriculture as part of the Rural Development Guaranteed Housing Loan Program. As you might guess, the program is designed to encourage more people to move to non-urban areas.
If your income is low to average for your area, this program is a great option — namely because you can secure up to 100 percent financing! That means no scrambling to cover a large down payment. Other benefits include some of the lowest interest rates on the market, low monthly fees, competitive interest rates and loan terms, and flexible credit guidelines. There is no minimum credit score, although you’ll have to qualify through manual underwriting if you have a score below 640.
When it comes to both conventional and specialty home loans, you can place your trust in Jill Burgess. Jill has been helping aspiring homebuyers successfully apply for loans for over 30 years. In that time, she has personally funded over $2 billion in mortgage loans. If you’re dreaming of buying a home, give Mortgages By Jill a call at 336-740-9068, or reach out through our online contact form. We look forward to helping you secure a home loan that fits your needs.
It doesn’t matter if you’ve never bought a home or it’s been decades since you have, it can be difficult to learn the ins and outs of home loans. With MortgagesByJill.com, you can get expert advice navigating the housing market. From interest rates to qualifications, you can learn more about what it takes to buy your next house. Keep reading below for some facts that you might not know about Greensboro mortgage brokers and home loans.
Shopping around can save you money
When you’re trying to secure a home loan, you don’t have to take the first loan you’re offered. You can sit down at a bank and they’ll offer you a mortgage with a specific interest rate and term. You can usually hold onto this offer for an extended period of time of as much as six months. Speak with other lenders and work with a mortgage broker to find the best rate for you and your budget. This could save you tens of thousands of dollars over the lifetime of your mortgage.
You don’t always need a down payment
You’ll hear a lot of advice that says you need to save somewhere around 20% for a down payment when you buy a home. This is a considerable amount of money and if you’re renting somewhere with a high rent it can take a very long time to get there. A down payment is recommended so that you can buy a larger home than without it and you can show a lender that you’re committed by putting your own money in the pot. While this isn’t the case with all loans, you can still qualify without making a down payment.
Your mortgage broker can help you refinance
Whether you’re looking to get a lower monthly payment from a lower interest rate or want some cash-out for some remodeling, you can reinforce your mortgage. Work with a mortgage broker to find a better interest rate. This will not only give you the option of a lower monthly mortgage payment, but it will also make it easier for you to pay it off much sooner than if you kept your original mortgage.
Paying a little extra goes a long way
You can pay your mortgage off years in advance by making payments even $100 above your minimum monthly payment. This amounts to $1,200 every year and $12,000 over the course of 10 years. You could pay off your mortgage early and save thousands of dollars in interest. However, it’s important to be aware of potential early payoff fees that are attached to your mortgage as banks will often include them to recoup what they’ve lost from years of interest.
Self-employment can make it difficult to qualify
Those who are self-employed often have difficulty getting approved for a loan that they would normally qualify for. This is because they typically write-off expenses so their tax documents show that they’re making less money than they really are. When this is the case, you’re going to want to be able to document your true income to demonstrate to your lender that you are indeed qualified.
Get in touch to learn more
If you have any questions about working with Greensboro mortgage brokers, please don’t hesitate to reach out to MortgagesByJill.com. We’ve been helping our neighbors secure financing for a home loan for 30 years and will do the same for you. Give us a call at 336-740-9068 or send a message using our online contact form. We’re here for you seven days a week because you never know when you’re going to find the home of your dreams.
Buying a home can be a time-consuming and expensive process. For some, the prospect of saving money for years to have a large enough down payment to buy a home can seem difficult or even unattainable. Fortunately, there are Greensboro down payment assistance programs that can help homebuyers get the funding they need to purchase a home. At MortgagesByJill.com, I know there are some myths surrounding down payment assistance, so I’m here to dispel them.
Myth #1: For first-time buyers only
A first-time homebuyer isn’t necessarily someone who hasn’t ever purchased a home. In fact, to satisfy the requirement of a first-time buyer, you only have to go three years without buying a home. That being said, you don’t have to be a first-time homebuyer to qualify for down payment assistance. These programs are specifically for buyers and aren’t available for investors. This means that the home being purchased must be a primary residency and cannot be used as a rental property.
Myth #2: It’s difficult to qualify
Qualifications vary based on specific criteria for each program. It can be difficult to qualify if you don’t find a program that’s right for you and your needs. The best strategy for finding a program that you qualify for is to begin searching early in the buying process. Once you find funding that you qualify for, begin the application process as soon as possible so you’re ready when you find the right house.
Myth #3: Programs are no longer funded
The idea that down payment assistance programs are no longer funded is false. There are public and private programs available that make millions of dollars available every year. Additionally, there are tax credits and affordable fixed-rate mortgages that you can look into during your research.
Myth #4: Down payment assistance is for cheap homes
It’s believed that assistance programs are designed to encourage buyers to purchase homes in specific neighborhoods. However, funding is available for those looking to buy homes that range from as low as $200,000 to $700,000 and more. Moreover, studies have shown that more than 70% of homes are eligible for funding.
Myth #5: Programs require long closing timelines
Closing on a home takes time no matter what kind of funding you’re using. Although, there’s a myth surrounding down payment assistance programs that it will bog down your buying time. While this might be true if you put off starting your application, it’s not if you get started right away. The timeline to close on your home is measured based on the date that you complete your application. Get as prepared as you can before you start the buying process and it will all go much smoother for you in the end.
Get in touch to learn more
If you’re considering buying a home and want more information about down payment assistance programs, please don’t hesitate to get in touch. I’ve worked with home buyers over the course of 30 years and funded more than two billion dollars in mortgage loans. I’m confident that I can help you find the financing that you need to buy your next home. Get in touch with me at MortgagesByJill.com. You can reach me by calling 336-740-9068 or send a message using the contact form. I look forward to working with you as you buy your new home.
Buying a house can be a long and stressful process. This is especially true if it’s your first time and you don’t know what to expect. Fortunately, Jill Burgess of MortgagesByJill.com can help walk you through the process. Our team has put together a list of the steps for getting a mortgage in Greensboro, NC so that you can plan accordingly if you’re looking to buy a house.
1. Pre-approval
Before shopping for a house, you have to know what your budget will be. You can, of course, hypothetically browse homes in the areas of town where you would like to be and look at different price ranges. But you won’t know which houses you can realistically afford before going through a pre-approval.
The pre-approval process doesn’t take a lot of time and is designed to make for a smooth home buying experience. A lender will pull your credit report to see your credit history and find a loan amount that you will qualify for. This not only makes it easier to shop within your budget but shows a seller that you are someone who can be considered a serious buyer of a home.
2. House shopping
When you’re shopping for a home, get help from a local real estate agent. They’re going to have inside knowledge of the housing market in the area as well as listings that you might not find on national sites like Zillow. With their insight into the local housing market, you can feel confident that you’re going to find a home that’s within your price range and has what you want. While the national listings are a great place to start, they aren’t going to show you the whole picture or provide you with a comprehensive view of homes in the area where you’re shopping.
Once you find the home that you want to buy, you’re going to make an offer on the home. An official offer comes with contingencies that include completed appraisals, inspections, and loan approval. You will also need to put down earnest money, or a deposit that lets the seller know that you are going to see the sale through to completion. With an accepted offer comes a purchase agreement, which will be signed by both you, the buyer, and the seller.
3. Mortgage application
In order to qualify for and finalize your loan, you’re going to need to provide more information to the lender. Most of it is related to employment and income, but there will be additional information to gather regarding assets and debts. If you have any items on your credit report that might draw negative attention from a lender, be prepared to explain what happened in that specific situation.
While applying for a loan, you’re going to have to choose which is best for you from the following options:
4. Underwriting
The underwriter is the person who makes the final decision on your loan. They review all the material that’s provided from your credit history to your income and projected ability to pay back the mortgage. Once a final decision is made, it can either come with a straight approval or an approval with conditions. One such condition could be an explanation of a previous foreclosure or debts going to collections.
After the final approval is made, verification is required that all contingencies are met that were previously agreed upon. A meeting with a title company can now be arranged so you can sign the final paperwork and close the deal on the home.
Get help with MortgagesByJill.com
Whether you’re a first-time homebuyer or are looking for a change, Jill Burgess with MortgagesByJill.com can help. She has more than 30 years of experience in the mortgage industry and has personally funded more than $2 billion in loans. Give our team a call today at 336-740-9068 or send us a message using our online contact form. We’re here to help you get the right home for you and your family.
As a first-time homebuyer, it’s understandable that you’re having a tough time figuring out all the home loan options you can access. Or even if you’re now looking to purchase an additional property, the type of home loan you applied before may not fit your current circumstances.
After funding over $2 billion of mortgages here at Mortgages By Jill, we’ve developed an expert understanding of home loans in Greensboro, NC.
Go through this list and find one that fits your needs and circumstances.
Conventional mortgages are those that lack any kind of backing from the government.
This is the most common type of home loan in Greensboro, NC, and all over the U.S.
Once you take out a 30-year mortgage, your interest rate never changes for the entire life of the loan.
And you’ll also have lower monthly payments than with a home loan covering a shorter repayment period.
You could decide to repay the loan faster by adding to your monthly payments.
This type of home loan is often used for refinancing, and it has an interest rate that is set for the life of the loan.
The interest rate is typically lower than that for longer-term mortgages, but the monthly payments also tend to be higher.
Adjustable-rate mortgages start with an initial rate that’s fixed for a specified period. Then, after that period, the interest rate is adjusted at agreed-upon intervals.
As an example, a 5/1ARM will have the same interest rate for the first five years. Each year after that, the rate is adjusted annually.
The initial rate, also known as the “teaser rate” tends to be lower than that for most other types of home loans.
Jumbo home loans are mortgages that exceed a certain amount, which varies from county to county and is adjusted periodically.
A jumbo mortgage can have either fixed or adjustable rates, and it often requires a credit score of 700 or higher to qualify.
The down payment is almost always 10% or more.
With an interest-only mortgage, you only make payments on the lender’s interest charge. The loan balance or principal amount doesn’t change during the payment period.
Before you can get approved for this mortgage, though, you’ll have to demonstrate to lenders that you own substantial assets or that you have a proven ability to make consistent payments.
Government-backed mortgages are those that are guaranteed or issued and backed by various departments of government. These include the Department of Veterans Affairs, the Federal Housing Administration, and the Department of Agriculture.
An FHA mortgage is a home loan insured by the Federal Housing Administration. It’s backed by the government and meant to help borrowers on lower incomes purchase homes.
Unlike other types of home loans in Greensboro, NC that require down payments of 20%, FHA mortgages can stipulate down payments as low as 3.5%.
A VA mortgage is backed by the Department of Veterans Affairs, and you automatically qualify if you’re a serving member of the military or a veteran.
There’s typically no down payment required for this type of loan.
This type is issued by the US Department of Agriculture. There’s no down payment on most properties,
However, this option is subject to income limits and value caps on properties.
Jill Burgess has been helping aspiring homebuyers like you apply for mortgages for over 30 years. Whether you’re still trying to figure out the right type of home loan or you need an expert to help you apply, let Jill help. Get in touch today by calling (336-740-9068), or leave a message to schedule an appointment.
When you’re ready to buy your own home, saving up a down payment can be a daunting task. Conventional wisdom says you should put down at least 20% of a home’s cost for manageable monthly payments, better interest rates, and to improve your LTV Ratio. For many families, putting away a significant amount of cash, including enough to cover closing costs and the first few months of mortgage payments, can be a genuine struggle.
There are down payment assistance programs (DPAP) available to help you get initial cash to make an offer on your dream home, just like these five.
The CPLP program is a second, 0 percent interest, and deferred second mortgage approved alongside a North Carolina Home Advantage mortgage. It doesn’t require a monthly payment–you repay it either when you sell your home or at the end of your mortgage.
There are some guidelines and requirements for applicants:
I can help you establish if you qualify for the CPLP and sign you up for the required eight-hour class.
The Home Advantage Mortgage is like the CPLP. It’s a second, concurrent mortgage with 0 percent interest and deferred until the end of the first mortgage’s terms. The Home Advantage differs in that it’s forgiven after year 15 if you don’t sell your home.
Veterans and first-time buyers can combine their DPA with the Home Advantage Tax Credit, saving them up to $2,000 in taxes each year.
This $10,000 down payment assistance is for first-time homebuyers. It’s restricted to those buying a home in Greensboro. It provides an additional $5,000 for those buying a home in a city’s designated redevelopment area.
Applicants must complete an eight-hour course and meet specific income requirements to qualify.
This program is specifically for low- to middle-income families purchasing homes within High Point city limits. The house can’t exceed 95% of the median purchase price, and the buyer must meet specific income requirements.
The maximum amount awarded to applicants is $5,000 with a three-year deferment and 3% interest for five years.
There are enormous opportunities for down payment assistance and significant money off the list price of a home for individuals in certain professions. If you’re a firefighter, EMT, K-12 teacher, or law enforcement officer, you qualify for the HUD Good Neighbor Next Door Program.
Participants in the program get early access to The HUD Store with current listings of available properties.
I work with down payment assistance programs at the state and local level to help first-time homebuyers get into their dream homes. As a preferred loan officer for North Carolina Finance Authority, I’m uniquely qualified to help home buyers navigate the complicated path to homeownership.
Buying your first home is possible, even if you don’t have perfect credit or tens of thousands in savings. Get in touch to get connected to down payment assistance resources or apply for a mortgage today.
If you’re looking to buy or build a large home, you might be in need of a jumbo loan. At Mortgages By Jill, I can help you find out if this particular type of loan is right for you. Keep reading to learn more about jumbo loans and why they matter to you.
What’s a jumbo loan?
Mortgage loans that are larger than what is typical for the area and exceeds the limits set by the Federal Housing Finance Agency (FHFA). Because a jumbo loan is established by the local market, the limit loan will vary from state to state and there’s a maximum percentage that the loan can be used to finance your build. At Mortgages By Jill, I can help you get 95% financing and up to $3 million. Even with the financing limit, there is still a down payment required to qualify for your loan, which is typically about 20%.
Are lenders at risk?
The short answer is yes. Lenders are at tremendous risk with jumbo loans because they are not backed by Fannie Mae (FNMA) or Freddie Mac (FHLMC), which are government-sponsored organizations that provide security for lenders. Jumbo loans are not supported by these organizations because the limits are outside of limits that are insured.
Are interest rates higher?
Despite the tremendous risk for lenders, jumbo loan interest rates are not typically much higher than a traditional mortgage. In fact, if you have a high credit score you could qualify for a lower interest rate with a jumbo loan.
Are there special considerations for a jumbo loan?
Lenders might have different standards to qualify for a jumbo loan, but a few things to think about when considering a jumbo loan are:
Cash reserves
Remember, lenders are not insured by the FHFA with jumbo loans and are at risk of losing out on large amounts of money if you default on your loan. Before you qualify for a loan, your lender might want to see that you have large cash reserves so you can continue to pay on your loan should there be a change in your steady income. Six to 18 months of payments are typically what a lender might want to see in your account.
Consistent income
As with any loan, a lender is going to want to make sure that you have income and the ability to continually pay on your loan. While consistent income is necessary, those who aren’t considered high income (more than $200,000 a year in North Carolina) aren’t likely to qualify.
Manually underwritten
A lender who is providing you with a jumbo loan will want to take an in-depth look at your finances. This means they’ll go through your income, debts, property details, and assets with a fine-toothed comb. This can take time, which means securing your loan can take longer than usual.
Is there a minimum credit score to qualify?
You will need to have a very good credit score to qualify for a jumbo loan. A minimum credit score can vary from lender to lender, but a minimum score of 680 is typical. Additionally, lenders will want to see a low debt-to-income ratio that comes in at around 40%. This means that your bills account for about 40% of your monthly income.
Get a loan from Mortgages By Jill
If you’re in need of a jumbo loan, get in touch with the team at Mortgages By Jill. I can help you get the financing you need for your new home or commercial project. Give me a call at 336-740-9068 or send a message using my online contact form after business hours. I’ll be sure to get back to you.
If your new business is looking for a way to obtain funding, Mortgages By Jill can help you find the right financing option. While financing can be an issue for new businesses, we can help you learn more about how to get a mortgage in Winston-Salem, NC as well as which type is best for you. Keep reading to learn more about available options.
Permanent loan
What is it?
A permanent loan is typically a long-term loan that comes with a term of at least five years but 25 years is typical. These loans typically come with the lowest available interest rates. This type of loan is most similar to a residential real estate loan as it doesn’t come with any additional risks.
How do you qualify?
Qualifications require that a business owner hold a credit score above 700 as well as sustain one or more years in business. A debt 1.25 debt service coverage ratio is also required.
Hard money loan
What is it?
A hardy money loan is a fast way to get money for a property purchase or renovation. While most loans and mortgages are granted based on the borrower’s credit score and repayment history, a hard money loan is valued based on the value of the property. As with all mortgages, there are pros and cons to hard money loans. While this is a convenient and flexible method of borrowing, you will likely end up paying more in interest over a shorter period of time than other options. However, a hard money loan could be right for you and your business if you’re in a pinch.
How do you qualify?
In order to qualify for a hard money loan, you must have previously completed at least one to three commercial projects. Additionally, you, as the business owner, must have a FICO credit score of at least 600.
SBA 7(a) loan
What is it?
SBA 7(a) loans can range in amounts from $50,000 to $5 million. This funding can be used to buy or expand a business or purchase capital for operation. An SBA 7(a) loan offers the flexibility of the borrower to use the funding for these tasks, while other loans do not. However, you will find that a down payment and interest rate are not as friendly to the business owner.
How do you qualify?
An SBA 7(a) loan qualification requires a personal FICO score of 680 and above as well as at least two years of operation and two years of stable cash flow. A minimum 10 percent down payment is also required. Your business must have between 10 and 1,000 employees and own 51 percent of the existing building as well.
SBA 504 loan
What is it?
When a business owner obtains an SBA 504 loan, it’s important to have an understanding of the necessary requirements for using funds. An SBA 504 loan can be used for purchasing real estate and equipment, each of which come with their own fixed terms of 20 or 25 years for real estate and 10 years for equipment. Furthermore, this loan offers amounts from $125,000 up to $20 million with a fixed interest rate.
How do you qualify?
To meet qualification standards for an SBA 504 loan, the business owner is required 51 percent owner occupancy in an existing building as well as a 10-year minimum economic life on any financed equipment.
Get in touch with Jill
Get started finding the right mortgage option for your new business today. Get in touch with Jill Burgess and the rest of the team at Mortgages By Jill so we can help you get approved for your mortgage in Winston-Salem, NC
Are you wanting to buy a home but have bad credit? Don’t let your credit score slow you down, because there are ways people just like you get mortgages for bad credit every day. In fact, most homebuyers don’t have perfect credit. More than 60 percent of homebuyers have a credit score that falls between 700 and 800. Mortgages By Jill offers information and resources to help you know the best things you can do to get a mortgage and fulfill your dream of owning your home.
How low is bad credit?
If you’re unsure where your credit score falls on the spectrum, a score between 580 and 669 is considered fair, while anything below 580 is poor. Anything above 670 is classified as good, very good, or excellent. If you’re concerned about your credit score, there are still options out there for you. Specific types of loans and lenders require a minimum credit score. For homebuyers who have credit below 600, your best options would be to ask your lender about FHA and USDA loans. FHA loans require a minimum credit score of 500, while USDA loans have no minimum requirement. However, a lender may have its own minimum score requirement. VA loans do not require a minimum score as well, so be sure to ask your lender about what it takes to meet the specific requirements for these loans.
Know your options
Like any other major decision you make in life, it’s important to do your research and figure out what options are available beforehand. Know your credit score and understand the options that are available to you. It’s also to gain a strong understanding of what you’re getting yourself into. If you’re looking to get a mortgage with bad credit, be aware that you’re much more likely to get handed a high interest rate. While your mortgage broker can help you get the lowest available rate, you’re likely not going to get a rate as low as somebody who has a better credit score.
Save for a large down payment
A great way to show a lender that you’re in this mortgage for the long run is to save a large down payment. Putting at least 10 percent down on your home is a good place to start. This means that if you’re looking to buy a home that costs $150,000, you’ll want to save at least $15,000. Does this take time? Yes. Is it worth it? Absolutely. Lenders like to see that buyers have a personal investment in your purchase, so you’re more likely to get approved for a loan with a sizable down payment.
Pay down debt
The best way to get a home loan with bad credit is to improve your credit. You can do this by making a concerted effort to pay down your debts. Something that lenders consider when approving or denying mortgages is your debt-to-income ratio. By paying down your debts and improving your ratio, you’ll be much more likely to get approved for the loan for which you’re applying.
Get a cosigner
There are times when you simply haven’t had a chance to improve your credit. Maybe you’re young and have not had any debt yet, but you are in a place financially where you can afford to buy a home. Get a cosigner to help. A cosigner gives a lender peace of mind that there’s a lower risk of defaulting on your loan.
Contact Mortgages By Jill
Jill Burgess of Mortgages By Jill has funded over $2 billion in mortgage loans over her 30-year career. You can be confident that Jill knows the necessary steps that need to be taken to ensure that you get a home loan. She is familiar with lenders in the Greensboro, NC area who will fund mortgages for bad credit. Call Mortgages By Jill at 336-740-9068 today or fill out our online contact form to schedule an appointment.
If you’re just beginning your journey to homeownership, you’re probably overwhelmed with questions. What’s a loan officer? Do I need one? Are there any loan officers near me? The path to securing a home mortgage isn’t always straightforward. Think of a loan officer as your guide to financing your home purchase.
Loan officers are the human face of financial institutions. They meet with clients, evaluate their eligibility for financing, and find the right loan to help them buy a home. Even if you’re not in a traditional situation, a loan officer can help you get financing or on the path to future approval.
A loan officer represents a financial institution, like a bank or credit union. Loan officers use their comprehensive understanding of the loan application process to help clients find the best financing options. While much of the mortgage application now takes place online or digitally, a loan officer is the bank’s human face. They’re ready with answers to whatever question you might have as you choose a loan and apply.
It will probably be a loan officer who does the initial screening for your application to determine your eligibility for different mortgages. There’s not a one-size-fits-all loan for homebuyers. A loan officer assesses your finances, credit history, and down payment to find the best financing product for your situation.
As a preferred loan officer with North Carolina Finance Authority, I’ve helped countless clients with unique financial and credit situations to find the best financing for their homes over the last three decades.
If you’ve tried to tackle a mortgage application alone, you know personalized, experienced help is invaluable. A loan officer works with you on the application to ensure everything is accurate and in order before sending it to the bank’s underwriter. It’s the underwriter who determines the applicant’s credit eligibility and approves the application.
Unfortunately, getting approved for a mortgage is just the start of the paperwork. A loan officer collects all the necessary closing documents. Every mortgage has different paperwork requirements, and it can vary by city and state. Your loan officer will make sure everything is in order for closing, as they’re familiar with the various requirements.
You may not realize the various financing options the first time you walk into a bank to apply for a mortgage. If it’s your first home, there’s greater flexibility for the required credit history and down payment. If you’re a veteran, first responder, or teacher, there are even more options. Here are a few types of mortgages a loan officer might consider for you:
You don’t have to know the different requirements for these financing options because a loan officer has extensive knowledge about various programs and their applications.
If you’ve been dreaming of buying a home for a while, it’s worth it to make an appointment with a loan officer to discuss your options. You may be closer to homeownership than you think.
I work with clients throughout the Triad of North Carolina with offices in Winston Salem and Greensboro. As a loan officer, I’m familiar with loan programs in cities across North Carolina, including High Point, Raleigh, and Charlotte. However, location doesn’t restrict my services. Many of my past clients, even out of state, get in touch when they’re ready to upgrade their homes. I’m always available by appointment to answer questions about the loan application and home buying process.
Buying a home is one of the most exciting times of our lives, but it’s not always a simple process. In fact, it rarely is. However, VA loans help streamline the process for veterans and their families to get the homes they deserve.
If you’re exploring a VA loan, it’s important to understand VA loan eligibility requirements and determine whether or not you meet each requirement. Learning more about your qualifications can help speed up the process before reaching out to a lender or mortgage specialist. I’ve helped many veterans get the funding they need for their homes, and I can do the same for you. Here’s what you need to know about VA loans.
Any military service veterans, including active-duty members and reserves, may qualify for a VA loan. Some eligible family members may also qualify. However, veterans must also have a valid Certificate of Eligibility (COE) and meet their lender’s minimum credit and income requirements.
Those eligible for a VA loan must meet one or more of the following:
While COE’s are required, you do not need to have one before you apply for your VA loan. Do remember, though, that your COE confirms with your lender that you qualify for a VA loan and its benefits. Most lenders can look up your COE via the VA’s system, through which roughly two-thirds of COEs are brought up and issued.
Veterans have three common ways by which they may get a COE for their loan, including:
While the timeline of getting your COE is quick, you’ll need to provide specific documents depending on your type of service. For National Guard and Reserves, NGB Forms 22 and 23 are required. Other veterans must most often provide DD Form 214. However, other documents may be required as well.
VA loans come with several benefits, including no VA-mandated minimum credit score, removing one of the most challenging barriers for many first-time homebuyers, and those who may have had trouble getting loans in the past.
Eligible applicants also benefit from no down payment requirements, removing another substantial hurdle for homebuyers of all backgrounds and circumstances. Additionally, any down payments made may come from a gift or grant. VA loans are also more accessible as they offer flexible income, debt, and credit requirements, and come with both fixed-rate and adjustable-rate options. VA loans also do not require mortgage insurance.
Whether you’re a first-time homebuyer, are fixing up your home, or buying a new one, VA loans help make the process much simpler, and get veterans the homes they deserve with less red tape than other types of loans impart.
If you have questions about your VA loan eligibility or you’re ready to get started and approved for your VA loan, reach out to me today.
Buying a house is exciting, but it can also be a complex and stressful process. You will likely need a loan, but how do you know which is right for you? How do you go about getting a loan? If you’re a current or former military service member, you may qualify for a VA loan. Here’s your handy VA loan cheat sheet to help you find out if it’s the right option for you.
A VA loan is a type of loan offered through the Veterans Administration for eligible military service members. The loan can help you buy, build, or improve a home.
Eligible service members, including veterans, reservists, and active duty personnel, plus eligible family members, may qualify for a VA loan.
VA loans offer a variety of benefits.
When it comes to VA loans, there are a number of different loan types available.
Purchase loan: A purchase loan can help you get better lending terms when seeking a loan to buy a house.
Native American Direct Loan (NADL): The NADL program helps Native American veterans as well as veterans married to a Native American receive a loan to purchase, build, or improve a home on federal trust land.
Interest Rate Reduction Refinance Loan (IRRRL): If you already have a VA-backed home loan, you may be able to qualify for a VA-backed IRRRL to help reduce or stabilize your monthly payments.
Cash-out refinance loan: A VA-backed cash-out refinance loan allows you to take cash out of your home equity in order to pay for other needs, such as school costs, paying off debt, and more.
Interested in getting a VA loan? There are a few steps you’ll need to take in order to do so. First, you’ll need to apply for a Certificate of Eligibility (COE). You can apply for one on the VA’s website, through the VA’s Web LGY system, or by mail.
Next, depending on which type of loan you’re seeking, you’ll need to work with a private mortgage company, such as Mortgages by Jill. I’ll help you through the loan process.
Before a loan can be given, I’ll request a VA appraisal of the house, which will give me more information about its market value, and I’ll look at your income information and credit score. If you qualify for the loan and your application is accepted, we’ll discuss the next steps for getting you into your new home.
In my 30 years of experience, I’ve helped a number of people become homebuyers by personally funding more than $2 billion dollars in mortgage loans. In addition to VA loans, my company offers a variety of other loan types and programs, including programs for first time homebuyers, medical professionals, community personnel, and more. I know how big of an impact having your own home can make, and I’m passionate about making that a reality for residents in North Carolina and beyond.
There’s a lot to consider when applying for a loan. Mortgages by Jill is here to make the process feel less overwhelming. Click here to learn more or apply for a loan today.
That’s why you need a loan officer with experience in lot loans. I’m here to help guide you through five things you need to know about lot loans, so you can decide if buying land in North Carolina is the right choice for you.
1. Not all land is lot land
If you’ve found an area of land that you like, you’ll want to be sure you know what kind of land it is. You need to find out if this is lot land or raw land. Lot land is more suitable for residential development for several reasons. It typically has access to utilities, septic systems, and roads.
2. Lot land is more financially viable than raw land
Raw land is not usually ready for residential development. This is because raw land is typically not surveyed or zoned for boundaries. So can be many more risks involved to bring the raw land up to code. Since lot land is ready for development, banks are more likely to offer lot loans for a more secure investment.
3. A lot loan down payment depends on land usage
Just the same as a business investment, banks will determine the down payment for a lot loan based on the use of the land. Banks can see immediate return on investment for an existing home, whereas building a new home on land can lead to many unexpected hurdles. This is another reason why raw land is less favored by banks, and lot land is a safer investment.
4. The better the land, the lower the cost
If you are looking to build your dream home, you’ll want to find the highest quality property to build it on. There are many reasons for this, one being that better quality land typically requires a lower down payment. This is because it will take less time to get residential property onto the land. So be sure to review all the information about the land once it has been zoned and surveyed.
5. There are various loan options available for lot loans
Here is another reason why it’s important to work with a loan officer. Since there are several different aspects involved in financing land, there are several loan options to review. There are home equity loans, HSDA loans, credit unions, and seller financing to name a few. All of these loans should be carefully considered. Working with a loan officer will help make sure you find the best option for your land.
Ultimately, there’s a lot to learn about land loans. By all means, don’t let this discourage you from your dream of building your own custom home on a unique property. But it’s best if you work with a loan officer with experience in the area. You’ll have access to an invaluable resource throughout the process, so you can feel confident in your investment.
When you work with me, you’ll be working with a loan officer who cares. I have experience in helping clients obtain lot loans in Greensboro, Winston Salem, High Point, Clemmons, Raleigh, Charlotte, Piedmont Triad, and other cities throughout North Carolina. And with 30 years of experience, I promise to help you find the best option as you plan for your future.
Contact me today to start building for your future.
When it comes to selecting a mortgage expert to help you finance your Winston-Salem, NC, home, taking the time to find someone with the right experience and expertise is essential. Whether you’re buying a home for the first time or this your second or third home, unrivaled guidance can make a huge difference.
For 30 years, people have turned to me to help them get the loans they need to move into their homes. In that time, I’ve funded more than $2 billion to help individuals and families finance their homes—and helped them understand their options before reaching a decision that works best for them.
Here’s how I can help you get the loan you need.
In the past three decades, I’ve had the privilege of guiding North Carolinians through the often complex process of exploring, choosing, and getting approved for a loan. My experience extends beyond Winston-Salem; I’ve helped homeowners in Greensboro, High Point, Clemmons, Raleigh, Charlotte, Piedmont Triad, and other cities get the loans they need.
My 30 years of experience working across the state (and outside of it) has given me the opportunity to see countless unique situations and to understand how to best provide guidance to ensure you get the right loan for your situation. These diverse circumstances have helped me better understand individuals’ needs and, while each case is unique, see where ceratin situations overlap and apply those learnings to others’ cases.
When you reach out to me for your 30-minute consult, I’ll get the chance to learn more about your financial circumstance and personal needs. This helps me understand which loan(s) may be best for you.
I especially enjoy helping first-time homebuyers understand the lending process, grants, down payment assistance, and special financing options so they can experience the pride and peace of mind that comes with owning a home.
But first-time homeowners and others alike have several options. Federal Housing Administration (FHA) loans help future homeowners of all income levels receive the financial assistance they need to own their home. These loans are great for you if you anticipate owning a lower-priced home with a small down payment or do not have much cash upfront for either the down payment or closing costs.
But for those who need significant financial assistance, I can help you get a jumbo loan. These loans are perfect for those who need up to $3 million to secure the home of their dreams.
I’m also proud to help those who serve our communities get the financial assistance they need to own their homes. Through medical professional mortgages and community partners loans, I can help healthcare professionals, law enforcement, firefighters, educators, and first responders receive the assistance required to get the home they deserve.
I understand that no two potential homeowners have the same financial situations, personal wants, needs, or dreams. But in my 30 years of experience, I’ve come to understand that, no matter a person’s background or financial situation, everyone deserves a home—and I’m proud to help my Winston-Salem, NC, neighbors get the funding they need to move into theirs. Reach out to me today to take the first step to get the loan that’s right for you.
I’m Jill Burgess, and at Mortgages by Jill, I’m dedicated to helping North Carolina residents find their dream home at a price point they can afford.
Buying a home for the first time can be an intimidating process. There are countless different types of available loans, eligibility can be multi-tiered and complicated, and the whole experience can quickly go from exciting to stress-inducing. That’s why I’m committed to demystifying the complex aspects and putting your perfect home within your reach.
Here are my top 3 tips for buying your first home.
An NC Home Advantage Mortgage has the potential to make a dramatic difference in your first home-buying experience. Through this 30 year fixed rate loan, you can receive down payment assistance up to 5% of your total loan amount. Better yet, that’s without having to pay any interest. It can be used in association with FHA, VA, USDA or conventional loans.
As a result, money saved through an NC Home Advantage Mortgage can be reallocated to furniture, moving, and other associated moving costs.
There are multiple available forms of down payment assistance for purchasing your first home in North Carolina.
For instance, you might qualify for the Housing Connect Greensboro 10K Down Payment Assistance Program if you meet the following conditions:
Similarly, NC 1st Home Advantage Down Payment provides $8,000 in down payment assistance. You could qualify for up to $30,000 of down payment assistance depending on the specifics of your circumstances as a first-time home buyer.
As a mortgage expert for 30 years, I can help narrow down your options and ensure you receive the most possible assistance.
The Core City Home Buyer Incentive Program provides financial benefits to homebuyers in particular areas of Core City. This is done in order to increase income diversification in the area.
The program provides $5,000 of assistance via a 5-year loan at 0% interest, forgiven at 20% per year. This is provided that your property sales price does not exceed $200,000 and is located in the Core City or Springbrook Meadows.
Don’t neglect to consider these kinds of incentive programs when choosing your new home’s potential location. It could make a dramatic difference for your budget!
These aforementioned tips could potentially save you thousands of dollars, but they’re only a small fraction of my knowledge on mortgages. From the High Point City Wide Home Buyer Assistance Program to the Good Neighbor Next Door Program, there are multiple routes towards buying your first home— but only one of those paths is the right path for you.
If you want my expertise on your team, contact Mortgages By Jill today to schedule a consultation. Let’s find your dream home together without breaking the bank.
If you're like most first-time buyers, you need a home loan, or mortgage, to finance your first property purchase. However, if you've never applied for a home loan before, the whole process can seem daunting and overly complicated. Don't worry. It's actually much more straightforward than it looks! Here's what you should know about first home mortgages and why it's easier to apply for a home loan than it seems.
I'm not sure why so many people believe that they need to make a 20% minimum down payment on a property, but it's simply not true. Sure, you might secure lower interest rates if you make a higher down payment, but you can still qualify for a home loan with as little as a 3% down payment.
Struggling to save up for a down payment? Don't worry! This is common, and there are various down payment assistance programs on offer to help you out. I'm familiar with all the home incentive and down payment assistance products available across the Greensboro, Winston-Salem area, and I can advise you on everything, from your eligibility right through to making your initial application.
When you're looking for a first home mortgage, you should do two things: do your research and speak with a professional loan officer. Shopping around is the only way to ensure that you understand all the loan options available and find the one best suited to your unique circumstances. And, by working with an experienced loan officer like me, you'll get all the support you need to weigh up the pros and cons of the different options.
Even if you're a low-to-moderate-income buyer, it's still absolutely possible for you to secure a home loan. There are numerous support programs available, including High Point's City-Wide Homebuyer Assistance Program and USDA loans. Whatever your financial situation, you deserve a shot at joining the property ladder, and I'm here to help you take that first step.
Seriously – a less than ideal credit rating is no reason to give up on finding a home loan. Although it's true that a better credit score makes it easier to secure a mortgage, there are financing options out there for every first-time buyer. Government-insured loans such as Federal Housing Administration (FDA) loans only require minimal down payments, and they are open to applicants with pretty low credit scores. I can talk you through all the options available in your specific circumstances.
Some cities, such as Greensboro, offer down payment assistance to first-time buyers who want to purchase a home within the city limits. These incentive schemes encourage new homeowners to get on the property ladder – the Housing Connect Greensboro 10K Down Payment Assistance Program, for example, pays up to $10,000 towards closing costs and your down payment!
Don't let the first home mortgage application process stress you out – instead, let me help you secure your dream home! With over 30 years' experience in personal finance and home loans, I'm perfectly placed to support you through each step of the mortgage application process, from shopping around for the best deal to signing the final contract. To find out more about home loans and my service offerings, contact Mortgages by Jill today.
You’ll often hear the term “mortgage” used in conversation, and especially when discussing the market crash of 2008. If you’re looking to buy your first home, you will be more acquainted with the concept and must familiarize yourself with how a mortgage works. A mortgage is a loan that you take out when you are buying a home. Over the course of a set period of time, you will pay off this loan through a series of routine installments. Americans have been taking out and paying off mortgages for decades, but when did this become common practice?
Loans have been in society practically since the beginning of recorded history. The loan industry covers more than just home loans and can be used to purchase a wide variety of different assets. However, home loans are particularly significant because they provide middle and lower class citizens with the opportunity to purchase homes that they would otherwise not be able to afford. Initially, mortgages were issued exclusively by banks and were not readily accessible to all citizens. Only a select few were able to successfully file for a loan until Fannie Mae instituted under President Roosevelt changed the mortgage market and its influence is still significant today. Since then, receiving approval for a mortgage is far more common.
After the 2008 market crash, mortgages unjustly received a bad name. However, the market today is back to normal and precautions have been established to prevent any sort of mishap. Citizens may now safely take mortgages out with the full confidence of the lender as long as your credit score is good. To ensure that all those receiving mortgages fully understand the dynamics of what they are signing up for, lenders provide intricate details to educate the lendee in hopes to avoid misinformation and ultimately prevent another crisis.
Mortgages by Jill is the professional, personal, and passionate office that over the impressive span of 30 years has personally funded 2 billion dollars worth of mortgage loans. Jill is uniquely devoted to her clientele, whether they be first time buyers or previous clients looking to move into a larger home. It takes a professional with the adequate experience Jill boasts to help you navigate the rough terrain of the mortgage world, and see you safely through the process. As a result, Jill will protect your money, assets, and your home. Please get in touch with us today and learn how Jill’s unique services can help you!
You may have been monitoring your credit score on one of those credit websites and worried your scores are too low. You may have a bad credit score because you had financial issues in the past, and conventional lenders might not consider you. However, there are still several ways you can secure a home loan with bad credit in Greensboro.
First, you should consider a credit union. They offer services similar to banks, but they're owned by members and are not-for-profit institutions. They're more likely to look past your bad credit history and may consider factors like your character as well. Look for credit unions that are linked to your life in some way. Perhaps your local community or employer has a credit union, and there are special ones for professions like teachers and the military.
If you'd prefer instead stick with a conventional bank, consider asking a family member or friend to be a co-signer on your home loan. The lender will calculate rates based on the person with better credit. Just know that your co-signer is doing you a huge favor. The loan payment information is recorded on both of your credit scores. So if you default or you're late, you'll hurt their credit, too.
Some lenders will offer what's called a secured home loan in which you borrow against things you own. These things can either be physical stuff, like another house, car, or boat, or, in some cases, assets like stocks. Secured home loan amounts are determined based on how much equity you have in the underlying asset, so another home is the collateral most likely to be approved. Know that if you default on the loan, however, you lose that asset.
There are a few other options, like unsecured loans, personal loans, and peer-to-peer lending. But perhaps the best tip is to improve your bad credit. Pull your free credit report and learn where you stand. Make smaller payments, like half a payment every two weeks instead of once a month, and do it on time. Don't close any credit cards and other accounts, like store accounts. Having a lot of available credit that you don't use helps your score, as does an account with a long history. Debt consolidation can also help. It takes three to six months of good credit behavior to boost your score, but the effort is worth it.
There are a lot of credit repair agencies that will take you on as a client. It may be anywhere from a three-month process to a six-month process. Sometimes it's up to a 12-month process, depending on how much credit you have on the bureau and if there are errors to be removed. It is possible that you paid off a loan, for example, but it still shows on your report. So, you are better off trying to clean your credit before purchasing a home versus going in with a bad credit score. This is because your credit score will affect the interest rate that you're going to pay over a 15- or 30-year period.
Want to learn more about how to get a home loan with bad credit in Greensboro and how you can make yourself a more attractive loan candidate for that dream home you've always wanted? Reach out today to Mortgages by Jill at 336-740-9068. Or simply fill out our handy contact form, and we'll get back to you. We can't wait to hear from you!
Whether securing a loan for homebuyers, helping rescue at-risk pets, or participating in community projects, I'm all in! Nothing makes me happier than a job well done, especially when helping people purchase the home of their dreams.I'm happy to say that I am a preferred loan officer with the North Carolina Finance Authority. Proudly, I'm also a 5-star rated mortgage professional. I know the housing market and loan products available for every home buyer, from first responders to the self-employed, and everyone in between. This extensive knowledge allows me to make your home buying experience easy.I've funded over 2 billion dollars in mortgage loans. I want to bring that loan officer experience to you!
There are dozens of mortgage products and home buying incentives available to home buyers in the Greensboro, Winston-Salem area. I know them all. Best of all, I demystify the mortgage process. Here's a list of current products and services available through Mortgages by Jill:Medical Professional Mortgages: a loan program designed to accommodate medical professionals' circumstances, covering specifics such as time on the job, student loan debt, and downpayment requirements.First Time Homebuyer Programs: specialty loan products and downpayment assistance programs designed to build neighborhoods through homeownership. Portfolio Loans: Yes! I can help you secure a mortgage with loans retained at our institution. These loans give us greater flexibility for borrowers who don't fit the standard mold.The Ameris Edge Jumbo Loan: this product is designed for primary and secondary home purchases up to $3,000,000. Community Partners Loans/FHLB: these loan programs support our first responders, teachers, and other helping professionals be homeowners with special financing, downpayment, and purchasing requirements. Federal Housing Administration (FHA) Loans: federal mortgage products designed to help buyers of all income levels who have limited funds for down payments. USDA Rural Housing Loan: special mortgage products for homebuyers in rural areas that assist with up-front costs, closing costs, and downpayment requirements.Veterans Administration (VA) Loans: these loan products are designed to help eligible service members become homeowners. Products offer flexibility and assistance with the downpayment, closing costs, and insurance requirements.Conventional 97 Loans: a loan product designed for first-time homeowners with limited funds for their downpayment. These loans allow for a 3% downpayment, and a 97% loan-to-value loan ratio. Click here to learn more about the products offered at Mortgages by Jill!
I know the people, places, and loan products that help home buyers have a drama-free home buying experience. My roots are in the Greensboro, Winston-Salem areas of North Carolina, but my reach extends nationwide. With 30 years and 2 billion dollars worth of experience, I've surely helped someone exactly like you find a way to their dream home. That's why I'm a 5-star loan officer know for bringing friendly, professional expertise to every detail of the home buying experience. I know mortgages, I know North Carolina, and I'd love to get to know you!
Are you ready to start the application process? Great! Click here to apply.Want to talk a bit first? Even better! Click here to schedule a free 30-minute consultation.Welcome to Mortgages by Jill, where your mortgage experience is personal, professional, and dedicated!
If you’re one of those people who’s been renting their place for seemingly forever, you might want to look into the possibility of finally owning a home through USDA loans. These loans, which are offered by the U.S. Department of Agriculture, are part of the USDA Rural Development Guaranteed Housing Loan program.
USDA loans are designed to benefit potential home buyers with low-to-average income for their area. They come with several benefits you won’t see in other loan programs. Let’s take a closer look at each one of those benefits below:
One of the greatest draws of the USDA loan program is that it enables homebuyers to receive 100 percent financing. Most applicants have no trouble qualifying for most types of loans. However, the ability to gather enough funds for a down payment is one of the biggest hurdles for first-time homebuyers – a difficulty you won’t encounter with a USDA loan.
With Federal Housing Administration (FHA) loans, borrowers need to have at least a 3.5 percent down payment. For most conventional loans, on the other hand, a 5 percent down payment is required, at the minimum. This makes USDA home loans more accessible to borrowers.
Although actual interest rates tend to vary for every lender due to specific factors, such as your credit standing and prevailing market conditions, the USDA guarantee offers some reassurance that participating lenders will offer some of the lowest interest rates on the market. Moreover, you can qualify for a USDA loan with the usual mortgage terms; that is, 15 years or 30 years.
Private mortgage insurance (PMI) is a requirement for conventional loans if the borrower is unable to provide a 20 percent down payment. Moreover, even FHA loans are known to have high annual mortgage insurance fees.
A USDA loan won’t have a PMI as it uses two different fees instead. These fees comprise the upfront guarantee fee (1 percent of the total financed amount), which needs to be paid once the loan is closed, and the annual fee (0.35 percent of the current loan balance), which is actually lumped into your monthly mortgage payment. It’s also good to know that the USDA loan funding fee is the lowest of its kind among all government-backed loan products.
So, if you have a $200,000 mortgage, for example, the upfront funding fee would be $2,000, and the 0.35 percent annual fee would be calculated at $58 per month. An FHA loan of the same amount would cost you $3,500 upfront (1.75 percent) and $139 per month (0.85 percent annual fee).
If you think your less-than-ideal credit history might disqualify you for a USDA home loan, you might want to check for certain. While a minimum credit score of 660 is required by the majority of typical lenders, 720 is usually the minimum if you are to qualify for the lowest interest rates.
Fortunately for you, to qualify for a USDA home loan, there is no minimum credit score. But, to avail of the USDA's automated underwriting system, you need to have at least 640 or a higher credit score. Those with credit scores lower than 640 qualify for USDA loans through manual underwriting.
The majority of U.S. citizens can qualify for a USDA loan, or an estimated 97 percent of the country. Of course, the goal behind this provision is to encourage population growth in non-urban areas. However, note that the USDA definition for what a rural area is, is quite broad. In simple terms, it can be any area with a population below 35,000.
If you are seriously considering applying for a USDA loan, Ameris Bank Mortgage Services is here to help.
We can provide expert advice and guide you throughout the entire process.
With interest rates still exceptionally low, employment levels exceptionally high, and conditions overall favorable, the US housing market should enjoy a strong year in 2020.
Along with the economic optimism and performance, signs point to a year of increased activity from the Federal Housing Administration in helping qualified individuals get into the homes they want. FHA loans provide many with their best opportunity to get into a new home.
At Ameris Bank, we proudly partner with the FHA to help as many of our clients as possible get into the home of their dreams at a reasonable price.
The FHA, an agency of the Department of Housing and Urban Development, works to provide qualified borrowers with low interest loans. Established as part of Franklin Roosevelt’s New Deal era reforms, the FHA is one of the largest providers of mortgage loans in the world.
FHA, however, does not directly lend money. It works with private sector lenders who dedicate themselves to great client service daily. FHA assists both lenders and borrowers by insuring loans, making them less risky for providers and more accessible for buyers.
FHA loans offer buyers a number of benefits and advantages not found in an uninsured loan. For example, buyers only need a 3.5 percent down payment. It's our experience that this is much lower than is typically requested in a non-insured loan.
Lower credit scores also do not always disqualify those seeking a loan. If you have a credit score as low as 500, you may still qualify for a loan, with a deposit of 10 percent or more.
The FHA’s loan program aims to help those who have negative credit marks, but still have the ability to pay off a loan. Along with USDA, Veterans Administration, and other programs, they help a number of capable individuals achieve home ownership that would be otherwise impossible.
<h3>Loan Limits Expected to Rise in 2020</h3>
Growth in the housing market has pushed prices of single family homes higher. To respond to that development, FHA low-cost area home loan limits rose from just under $315,000 to approximately $332,000. Loan limits for higher cost area residential properties will rise from $727,000 to about $767,000
The differences in these numbers reflect the huge disparity of housing costs seen in different parts of the country. Homes that sell for hundreds of thousands or even millions in markets such as San Francisco or suburban Washington DC bear much lower prices in more rural and economically struggling urban regions.
As FHA interest rates continue to hover around 4 percent, many have sought to take advantage before conditions change. We feel this is a smart move.
Loan applications for not only new home buyers, but also refinancing, continued to rise in the last weeks of 2019. Refinancing applications grew by nearly 30 percent. Purchase applications declined slightly toward the end of the year, but remain five percent ahead of the same levels from this time last year.
With so many incentives for using FHA loans to purchase or refinance a home, it’s no wonder why we have seen growth in applications.
We invite your to learn more about FHA and other helpful federal loan programs available through working with Ameris Bank. Our staff understands that these programs are complex and will answer any questions about them and how we help clients obtain them. We can also set up an appointment to get your application started.
Call or message us today. Let us be your first step toward financing the home of your dreams.
We understand that finding ways to finance a house purchase can be overwhelming, frustrating, and exhausting.
A first time home buyer I particular feels the pain of uncertainty. Which mortgage services and programs will provide the best value? Which will cost the least in the long term? How can I best position my credit score while preparing for getting a loan?
What most home buyers need from a mortgage lender, besides the loan, is patience, understanding, and thoughtful education on the process.
Ameris Bank believes in a comprehensive approach to client services. We want to make sure that you achieve your lending goals as much as possible.
Over the past three decades, we have earned a reputation for using the three Ps to provide elevated client service.
This means taking a personal, professional, and passionate approach to making sure that our clients get the best possible mortgage services solutions from Ameris Bank. We not only work with home buyers to get them great terms through us, but also connect clients with helpful government assistance programs when they qualify.
We have worked to create a number of loan packages designed to help as many categories of home buyers as possible.
For those seeking out upscale homes for residence and investment, we offer jumbo loans up to $3 million.
At the other end of the spectrum, we have a number of special loan packages for first time home buyers. Many of these include financial assistance in the form of grants, down payment assistance, and special financing plans.
First time home buyers can also take advantage of a number of incentive programs. Those who are currently in the military or have left the service can qualify for VA on loans. Others can take advantage of USDA programs that help reduce burdens on first time home buyers. From FHLB comes assistance for those who serve the community as first responders and in other key positions.
Most people buying their first home have little knowledge about the many government programs designed to make it easier to obtain a loan. Our commitment to client services includes educating you on all of the options for which you may qualify.
Many buy housing not for their own use, but as revenue generating investments. We have options for investors looking to build their portfolios.
We take our commitment to engaging our clients very seriously, as we help them get what they need from the lending process.
Client service starts with a conversation. At Ameris Bank, we do not push loan packages that serve our needs more than the client’s. We speak with clients, determine their wants, their needs, and their financial situation.
After establishing the groundwork, we then work to connect the client with the best possible loan package. We can also advise on how to improve credit scores to the point at which clients may qualify for better rates or certain programs.
At Ameris Bank, we give the needs and concerns of clients top priority.
Looking to purchase a new house, but feel overwhelmed by an avalanche of information and questions? Call Ameris Bank today. We can set up an appointment to go over all of the information that you need to prepare for applying for a loan, as well as the options for which you may qualify.
When you work with Ameris bank on home financing, you get peace of mind that allows you to focus on the fun of finding your next home.
Securing a mortgage or finance against your home doesn't always have to feel like a struggle. At MortgagesByJill.com, I have 30 years of experience in helping my clients secure finance. With a strong success rate, I always deliver a personal service using my passionate approach. As an Ameris Bank Mortgage Services representative, I'm here to show you why you should choose me for your next mortgage or loan.
Over my 30-year career, I've secured billions of dollars for my clients throughout Salem, Winston, Greensboro, and other areas of North Carolina. Alongside my team, I provide a service that's professional, personal, and passionate.
As a mortgage broker, I know that dedication is the key to helping my clients succeed. Whether you're a first-time buyer, trying to build your portfolio, or someone else, I'll personally commit myself to help you find your mortgage.
With years of experience behind me, I know that reliable communication is the key to success. When you turn to MortgagesByJill.com, you'll enjoy my consistent approach to communicating with my clients.
Depending on the type of mortgage you're searching for, you may need a significant downpayment. As you may already know, finding a downpayment often means saving the money yourself or asking a family member for assistance.
As a preferred loan officer in the North Carolina Finance Authority, I work with a variety of downpayment assistance programs. Depending on your circumstances and the reason for your mortgage, I may be able to provide you with downpayment assistance. As a result, using MortgagesByJill.com brings you closer to your property ownership dreams.
When you're looking for a niche loan product, such as a jumbo loan, you need a professional with plenty of experience. At MortgagesByJill.com, I combine my professional experience with the support of a strong team.
Whether you need a jumbo loan or a LTV product, I'm here to help. Using my experience, I can bring you closer to your financial dreams. Additionally, I always act in your best interests. As a result, when you seek advice from MortgagesByJill.com, you're getting an honest opinion that'll help you protect your future.
When you fall into a specialist group, such as being a veteran, it's always advisable to seek specialist advice. At MortgagesByJill.com, I can provide the advice you're looking for.
In some circumstances, veterans can access preferential rates for the mortgages and loans they're seeking. However, it isn't always to find these rates, especially when you don't know where to look for them. Using my professional background, I can find the rates and services that individuals such as veterans and medical professionals seek.
At MortgagesByJill, our entire team understands how frustrating long closing periods are. Sometimes loans and mortgages take a while to close because financial institutions don't have the right information to hand. In other cases, they're not communicating clearly enough. No matter what the reason for a long closing period is, it can make life more difficult for you as a customer.
With my experience in the financial industry, I ensure no stone is left unturned. As a result, every application I submit features all the required information the first time around. My approach makes it easier for you to enjoy a quick close. In some cases, this can happen as soon as 21 days after the initial application.
If you need a mortgage or loan and you're looking for help, come to MortgagesByJill.com. To learn more about what I can do for you, call 336 740 9068.
The Doctor and First time Home Buyers Loan
Considering a mortgage is one of the most important financial decisions one could make. You dedicate a lot of time and resources into building your career. You deserve to live a peaceful and happy life without worrying about your finances.
One of the common and safe assets one could have is their house. You could get a secure loan against your house. There are different types of mortgages you could avail of. The type of mortgages varies depending on the type of borrowers like a veteran, medical professionals, or people belonging to rural areas.
Doctor mortgage or Medical professional mortgages are specifically designed for medical workers. These kinds of loans have fewer restrictions compared to other kinds of loans. A decent credit around 700 or more then that could help get a loan with no or very less down payments.
There are several advantages of physician loans, with one being that you could present the offer letter as proof of income even if you have not started your job yet.
There is no difference between a physician mortgage loan and doctor mortgage loan; both are the same things. Generally, they are referred to as doctor loans.
Following are the professions or jobs that come under the category of doctor loans:
· Licensed Medical Professionals
· Medical Physicians
· Dentists
· Pediatrics, Optometrists are also offered Doctor Loans by some lenders
If you are a medical professional in the Greensboro, Durham, Raleigh, or Winston Salem, Charlotte, Wilmington, High Point areas of North Carolina, and considering a doctor loan, you have a chance to avail the expertise of Jill. With years of experience, she will help you draw out a suitable plan according to your needs.
When we come across doctor or physician loans, we notice that these loans are different from other kinds of mortgages that are offered to other professionals. One of the major reasons is that doctors or physicians make a lot more money than other professions. Plus, the added benefit of job security.
The lenders have a keen interest in observing how much you make from your profession. When it comes to doctors, besides making good money, they also have opportunities for loan forgiveness that is offered by state programs.
Doctors also have fewer default rates as compared to other professions. Reportedly doctors have a default rate of just .2% vs. the 1.2% default rate of the average consumers.
Very Low or Zero Down payment: As compared to other professions, doctor loans have very less or zero down payment in some cases, depending on the lender.
NO PMI: There are no private mortgage insurances required
High Loans: Lenders could allow loans up to $850k/$1.5 Million
Employment Contract: If you are starting a new job, the employment contract may be enough proof to prove your income and get started with the process.
Total Sum of mortgages is not just about the monthly payments. There are few expenses besides monthly payments.
Interest: Interest is based on the interest rate, the loan balance, and loan repayment terms.
PMI: PMI is a fee that is to be paid until reaching 20% of equity.
Buying your own home is a dream of almost everyone, but over time, it is becoming more and more difficult. If you are someone who has recently graduated, buying a home for you might seem impossible. The overall expenses of education combined with family expenses makes it very difficult to have enough savings to buy a home.
The professional medical loan is designed in such a way to make home-buying easy while keeping in view the needs and demands of your profession. The professional medical loan allows you to close home faster than other traditional ways of mortgages. Factors like student loan debt, total job experience, and the down payment are considered in medical loans.
If you try to handle all the things related to loan on your own, you might end up missing some important points. An expert could help you in this regard. Jill Burgess, from Mortgages by Jill, is an experienced financial advisor when it comes to professional medical loans.
Jill understands the needs properly and will work out a great plan for you according to your needs. Her knowledge and expertise will make sure that the overall process runs smoothly, and your finances are in good hands.
There is a good opportunity for Medical professionals residing in the Greensboro, Durham, Raleigh, or Winston Salem areas of North Carolina to get connected to an expert like Jill, who properly understands the needs of Medical professionals.
Financial decisions are all about deciding between the need and wants. The purpose that leads you to go get a loan should be clear and precise, so you don’t end up spending too much on wants instead of on your needs.
Buying a home is one of the most difficult financial decisions. A lot of people, paperwork, and signatures are involved. It is quite difficult for a first time home buyers to go through all this process. There is a lot of information that could confuse you in making your decision.
We will try to cover the basics of buying your first home. The current real estate trends might tempt you to go for a big purchase that might be not so good for your overall financial goals.
The first step is the decision where you want to live. The costs of places vary a lot. There are some tools available online that you could use to estimate the costs of living in differing areas. The second major step is understanding what you could afford based on your financial decisions. Then the factors like credit score come into play. The higher the credit score is, the more are the chances of getting a better interest rate. Saving for a down payment is also one of the necessary features of buying a new home.
Pay of Debt: If you are under debt and still considering buying a home, you might need to reconsider your decision. Owning a house has its expenses when you own a house; you are responsible for all the maintenance, bills, and other expenses. Adding that cost to your previous debt would make things difficult for you.
Building up emergency-funds is one of the solutions to get out of this problem. If you enter your new home with only a mortgage on your hands and a good amount of emergency funds, that means you have prepared yourself well for the future decisions.
Save Down Payment: To avoid paying private mortgage insurance (PMI), you need to save for a down payment of at least 20% or more.
Some of the mortgage options with no down payment include:
VA Loans: VA loans help the veterans to buy a home with no down payment. The main issue with VA loans is that if in future the market trends change, you may end owning way more than the market value of your home. Also, these kinds of loans come up with a bunch of fees, and interest rates are higher as compared to other forms of loans.
Adjustable-Rate Mortgages (ARMs): In ARM Loans, the initial interest rate is less, but the lenders could adjust the rate to transfer the risk of rising interests to you.
FHA Loans: FHA mortgage could be availed with just 3.5% of down payment. But you have to pay the mortgage insurance premium as long as the loan is there. That might be thousands of dollars.
The online world had made it easy to buy homes. You could select the house as per choice. You could select one based on your needs and price range and could ask a real estate agent to have a look at the house yourself. An expert real estate agent could help you choose the best house as per your needs.
If you are somewhat confused about all the plans and their details. You might need an expert to help you out. Also, these plans have different terms and condition depends upon your state.
There are several first time home rants that one could avail. The North Carolina Housing Finance Agency (NCHFA) offers a lot of beneficial loan programs for both first-time buyers and even repeat buyers.
There are a number of programs, and it is difficult to choose one. Ideally, you will need to talk to an approved lender. We at MortagegsByJill are on top of that list, and you want to get in touch with Jill Burgess. Jill’s experience that spans around three decades could help you select your plan. If you want to get all the information before making an important financial decision, feel free to get a consultation from Jill and make your dreams come true.
Jill Burgess joined Ameris Bank Mortgage Services in 2017. Having worked with the management team in previous companies, she was familiar with the team and the support given by Ameris Bank.
In a short time, she has established herself in the market as the go to person for mortgages for medical professionals-more commonly known as doctor loans. However, her program is not just for doc tors. She caters to a wide variety of medical professionals in Greensboro, Winston Salem, Durham, Charlotte and Wilmington. Given that Ameris Bank is headquartered in Atlanta, she is even servicing customers in surrounding states because of her loyal customer base and referral business.
Doctor loans provide special financing to medical professionals. The current roles being serviced are MDs, DO's, osteopaths, dentists, pharmacists, veterinarians, physician assistants, chiropractors, podiatrists and optometrists (including residents and fellows). These programs allow for 100% financing. Typically, SunTrust has been the dominant player in the North Carolina Market for Doctor Loans. But they have been unable to match the service levels offered by Jill Burgess in Greensboro and she has gained traction in the market with her loyal customer base and dedication to her craft.
Working with physicians at Wake Forest Baptist Hospital in Winston Salem, North Carolina, Duke University Hospital in Durham, North Carolina, Novant Hospital in Winston Salem, North Carolina, UNC Rex Hospital in Raleigh, North Carolina, Novant Hospital in Charlotte, are just a few of the hospitals in the area. She also works with Medical Professionals though out North Carolina, South Carolina, Georgia, Tennessee, Alabama, and Florida.
First-Time Home Buyer Grants In NC
Looking to own a home in North Carolina? Then, it’s important you remember that you don’t have to spread yourself thin and erode your finances while trying to do it all by yourself.
First time home buyers in NC are entitled to something commonly known as First-Time Home Buyer Grants, and this affords first time home buyers a wonderful opportunity to acquire houses without overly straining their pockets.
But it doesn’t just stop at that. One of the good things about the first home buyer loan is that, even as it sounds like something for only the first-time buyers, people who have owned homes before are not excluded.
That is, even though you have owned a home before, you can still get first home buyer grants provided you meet certain easy-to-meet requirements. If you meet the maximum income limits and are looking to acquire a property that is not too expensive -- and one that you have been renting for the last three years -- you could be eligible for the grant, which is really the government’s way of assisting people who want to own homes in NC.
Of course, you have your questions -- How does it work exactly? How much do you get? And will you rue the decision to take the grant for the rest of your life being that you will be looped into insanely high monthly payments on a house because you took government money?
Well, for starters, the answer is definitely “no” for the last part. And here are other important things you should know about the first time home buyer grants.
The first thing you must know is that there are several different First-Time Home Buyer Grants available in NC, and we shall explore them.
The North Carolina Housing Finance Agency (NCHFA) offers a number of loan programs with unique benefits for both first-time home buyers and repeat buyers. And one of these programs could help you buy a home sooner.
But even as there are a number of programs to choose from, you’d have to go through basically the same process when applying for any of those grants.
Ideally, you’d have to talk to an approved Lender (we at MortgagesByJill are on top of that list, and you want to get in touch with Jill Burgess, who throughout a storied career spanning three (3) decades, has personally funded no less than 2 billion dollars in mortgage loans).
After the loan applicant makes contact, lenders would generally look for the following information from the loan application:
· If the applicant exceeds the $87,500 maximum income limit for the whole state. Typically, USDA Home Loans NC goes higher than that depending on the household income. But with the First Time Home Buyer Grant program, people who are on the application are the ones being looked at. This usually makes it easier to qualify for.
· If the applicant has a minimum credit score of at least 640, because this is based upon the middle credit score, you will be home and dry if you had 3 scores that looked like 622, 641, and 649. And that's because at least two of those exceed the 640-mark.
· If the applicant has been renting, or living with parents, or schooling for the last three years.
After all these are determined, and provided you meet the basic requirements for the First Time Home Buyer Grants, we as your lender will determine which mortgage program is best suited to your needs, and how much grant you qualify for.
Note This:
The government-sponsored grants are generally called “mortgage grants” due to the fact that there is no interest charge, there are no payments to be made, and there is ‘monkey on your back’ in the form of an expected repayment of any of the money you receive for the down payment.
These are some of the perks that come with the grant, and it holds true, except for cases where the beneficiary moves out of the property or refinance before the dates assigned by a specific down payment assistance program.
“Forgivable loan” is a common way of referring to this down payment assistance program. As part of the provisions of the program that best suits the loan hopeful, a portion of this down payment assistance will be forgiven on a schedule that will be shared by the lender (that’s us) when the applicant (that’s you) applies for the loan.
Such funds are made available to lenders like us through the NCHFA, but interest rates vary from lender to lender depending on the rates set by the NCHFA.
Only down payment and closing costs are covered by the First-Time Home Buyer Grants. Any type of mortgage loan can be accessed using the grants, though each of the mortgage programs comes with a fair share of perks and quirks.
Having said that, it is completely true that you get any of the FHA Mortgage, VA Mortgage Loan, USDA Home Loan, or even a Conventional Loan, using the First-Time Home Buyer Grants.
Note The Following:
· The grants can be used for a down payment.
· The First-Time Home Buyer Grants can also be used to cover Mortgage Insurance, PMI or a VA Funding Fee, or to pay for closing costs.
· The grants can be used together with a seller paying closing costs and/or a gift you might receive.
There are three different First-Time Home Buyer Grants that one can access;
· First, there is a grant that provides first-time homebuyers with 3 percent, which can be used for closing costs or a down payment on a Conventional Loan or an FHA Loan. Another program allows 5% in down payment grants for all Government Loans.
· Additionally, there is an $8,000 down payment available in every county in NC, though a limited offering. This is the newest of the bunch and does come with guidelines that slightly differ from both the 3% and 5% grants on the subject of income caps.
This new grant can also be put to use as payments for closing costs on programs that do not require any down payment such as the USDA Home Loan or the VA Loan.
· NCHFA also offers a Conventional Loan Grant Program which comes with the requirement of a down payment of 3%, while supporting closing costs from a gift, savings, or the seller. It's arguably the most flexible of all the programs, and it comes with low PMI rates.
And what’s more, the grants are available for homes that you qualify for, which implies that there is no maximum sales price for the program.
In any case, when using the grant as a down payment on an FHA Loan application, there are some restrictions -- you will have to make do with the maximum FHA Loan for the county in which the house you are buying is located.
Moreso, a USDA Home Loan application in NC, does come with additional income limits that are determined by the USDA Loan limits within the county where the house in question sits.
Besides the Grants, you could also get something called “Mortgage Tax Credit” in NC. This is especially available to people who have not bought a home in the last three years.
Tax credits are often associated with the tax deductions that come with owning a house. But a tax credit is preferable in that it comes straight off what you owe in federal taxes, whereas a deduction merely decreases your basis for taxation.
The rationale behind the program follows from the thinking that persons who are paying less in federal taxes can use the additional income to take care of any extra costs incurred in the process of buying a home.
Across NC, the maximum sales price for the Mortgage Tax Credit is $250,000, but there are also varying income cap requirements from county to county.
Just like the First-Time Home Buyer Grants, Mortgage Tax Credits are provided to those who qualify for it at the time of closing.
Of course, there is some paperwork involved, and perhaps some waiting too due to the additional underwriting time (it has to go to the agency to get approved).
But provided you meet the basic requirements for the first time home buyer grants -- that is, you gross a yearly income of less than $87,500, you have a debt-to-income ratio of less than 45 percent, and the house you are buying is somewhere in NC, then you have strong claims to the money.
But remember, not all lenders offer this program and the money is not yours to have if you go ahead to buy a house before applying for the mortgage tax credit or the First-Time Home Buyer Grants in NC. You are only eligible if you apply for the tax credit at the time of buying the house in question, not after.
Mortgages for Medical Professionals
Special loan programs for medical professionals in Greensboro, Durham, Raleigh, and Winston Salem, NC, Charlotte, NC, High Point, NC, Wilmington, NC
Medical professionals dedicate their time and career to caring for others. If you are a medical professional in the Greensboro, Durham, Raleigh, or Winston Salem, Charlotte, Wilmington, High Point areas of North Carolina, you have a new highly rated choice for your mortgage needs! You can benefit greatly from mortgages designed specifically for medical professionals. The Medical Professional Loan from Ameris Bank offers a unique loan solution to meet your needs and reward your service to your community.
Medical professionals have unique financial needs.
You probably had to take out considerable student loans for your medical education. Even if you do not face high loan debt, you incurred countless costs throughout your training and as you established your career. It is also possible that student loan debt has affected your ability to qualify for a home loan or find a mortgage rate that is manageable for you and your family.
In the past, only doctors or dentists were able to access specialty home loans for physicians. These mortgages often excluded their student loan debt from the rate or based the mortgage rate on income-driven repayments. However, these benefits are no longer limited to medical professionals with “MD” by their name. Generous underwriting guidelines can be applied to a wide range of medical professionals and offer unique mortgage solutions to fit your financial needs.
What is a Medical Professional Loan?
You can access medical professional mortgages at any stage of your career, including residency and growing your practice. This type of loan can help you reach your goal of home ownership despite student loan debt. Ameris Bank offers this specialty style of mortgage for medical professionals who need a flexible approach to underwriting guidelines. This loan also considers time on the job and flexibility around your down payment.
There are many benefits of the Medical Professional Loan.
You can receive up to 100% financing and private mortgage insurance is not required. Loans can be granted in amounts up to $1,500,000 depending on your need and qualifications. The following medical professionals can qualify for a Medical Professional Loan. These categories also include residents and fellows.
· MDs
· DO’s
· Osteopaths
· Dentists
· Pharmacists
· Veterinarians
· Physician assistants
· Chiropractors
· Podiatrists
· Optometrists
With a Medical Professional Loan, you can close on your loan before your employment start date. You will just need to have an employment contract with a start date within 60 days of closing. This loan can help you find a home during or after school or your medical training without requiring significant time on the job. You can stop worrying about saving extensively after graduation and focus on growing your career or your practice while owning your own home.
The Medical Professional Loans from Ameris Bank are available to medical professionals in the following states.
· Alabama
· Florida
· Georgia
· North Carolina
· South Carolina
· Tennessee
How do you qualify for a Medical Professional Loan?
In addition to meeting the professional requirements above, there are a few other stipulations for qualification. The loan must be for a primary residence only. You will also establish a relationship with Ameris Bank in the form of a personal checking account. You can use this account to set up mortgage payments from the account to auto-draft monthly.
The program is limited to medical professionals who are not more than 10 years out of their residency or fellowship. There may be other requirements for eligibility based on your specific circumstances, but your loan professional can assist you with all qualifications.
Make home buying possible with a Medical Professional Loan.
If you are recently out of school or close to graduation, home buying may seem impossible. For medical professionals caring for themselves or their family, finances are often a source of stress or concern. However, a Medical Professional Loan can make home buying possible and reduce the financial strain on your family.
Enjoy a loan that is designed for you and your profession. Close on your home faster than other traditional methods and benefit from the flexibility of a loan that considers your student loan debt, time on the job, and down payment.
Jill Burgess from Mortgages by Jill understands the unique needs of medical professionals. She will work with you to find a Medical Professional Loan that aligns with your circumstances. Her knowledge and expertise make the entire process as smooth as possible and provide the satisfaction of knowing your finances are in good hands. Medical professionals in the Greensboro, Durham, Raleigh, or Winston Salem areas of North Carolina can also benefit from having a qualified loan expert in their area who understands Medical Professional Loans.
Jill is pleased to announce the launching of her new branded website to better serve her clients! Ameris Bank Mortgage Services in Winston Salem, and Greensboro continue to see exceptional growth each month!
How the Federal Reserve Affects Mortgage Rates
Buying or renting a home can lead to confusion, anxiety, and frustration. Many homebuyers do not understand how mortgage rates are calculated, but they often feel the impact of increased mortgage rates. While mortgage rates can be frustrating, so can rises in rent costs. If you are looking to buy a home or debating between buying and renting, it is important to understand how the Federal Reserve Affects Mortgage Rates.
What is a mortgage rate?
When you borrow money to purchase a home from a lender, such as a bank or financial institution, you will also agree to a mortgage interest rate. The mortgage interest rate is the amount of money you pay in addition to the loan principal, and it directly impacts your monthly payments. With the costs of homes being in the hundreds of thousands of dollars, even a slight increase in the mortgage interest rate can send your monthly payments through the roof. On the other hand, lower interest rates can provide the break some potential home buyers need to purchase their first home.
There are so many factors that go into determining the mortgage interest rate at any given time. Some of these factors are controlled by the borrower, such as credit score, down payment, and property location. Other factors rest with the lender, such as the loan type, loan term, and interest rate type. Many home buyers also look at the Federal Reserve as a determining factor for mortgage rates. But, how big of a part does the Federal Reserve play in setting mortgage rates?
The Federal Reserve does not set mortgage rates.
This is a common misconception among home buyers when it comes to mortgage rates. The Federal Reserve actually sets the Federal Funds rate, which is an overnight lending rate for banks and other financial institutions. A higher Federal Funds rate means that it is more expensive for banks to borrow money from other financial institutions.
Short-term adjustable-rate mortgages and variable interest rates are most directly impacted by the Federal Funds rate. These rates will rise or fall based on the decisions of the Federal Reserve. If a bank has to pay a higher rate to other banks in order to borrow money, they typically pass that additional cost on to their clients as well. Consumers may experience the following when the Federal Funds rate increases:
· Increased interest rates on lines of credit
· Higher interest rates on auto loans
· Possible higher interest rate on mortgages
The Federal Reserve does impact mortgage rates, to some degree.
An increase in the Federal Funds rate alone is not enough to directly cause an increase in mortgage rates. Again, the Federal Reserve is not responsible for setting mortgage rates. However, that does not mean their decisions are isolated from mortgages.
Whenever the Federal Reserve lowers the Federal Funds rates, borrowers utilizing variable-rate loans get the most benefit. Their home equity lines of credit or adjustable-rate mortgages can become less expensive. The results will likely not be instant, but some benefit will come over time.
Fixed-rate mortgages are aligned with market rates.
The Federal Reserve’s decisions can send a message to lenders and home buyers. Whether they lower or raise Federal Funds rates, can be perceived as the Fed promoting growth in the U.S. markets or not. This decision can indirectly impact mortgage rates in some way as markets react.
The Federal Reserve typically lowers interest rates if they perceive that the economy is slowing or may slow in the near future. Lower rates encourage businesses to invest and consumers to spend. The goal of lowering rates is to propel economic growth. However, sometimes the Fed feels that the economy is growing too fast. In order to combat this, they raise interest rates in an attempt to slow financial decisions.
While mortgage rates may not receive a direct hit from the Federal Reserve, home buyers do. Their businesses could prosper or suffer based on the Fed’s decision. They may have more money to save for a down payment, thus lowering their overall mortgage rate. Or, buyers could have less than usual and be unable to make higher monthly payments. The Federal Funds rates impact the following things that play into home buyer’s decisions.
· Credit card rates
· Savings rates
· CD rates
· Home equity line of credit
· Short-term adjustable rates
· Auto loan rates
Lower rates encourage spending and can make it easier for potential home buyers to achieve their goal of home ownership. Higher rates can lead to decreases in spending and significant financial cuts. People on a tighter budget are less likely to commit to a mortgage loan and high interest rate.
Slight changes in interest rates make big changes in cost.
Homes are expensive. The loan principal for a home is already a major cost but factoring in the mortgage rate can raise monthly payments significantly. An increase as small as 1% in mortgage rates can lead to more than $100 extra per month on mortgage payment. If mortgage rates are up, people tend to delay purchasing a home. They fear they cannot maintain the monthly payments, or they do not have enough for a down payment large enough to reduce their rate. Either way, home ownership and purchasing decreases.
When home buying decreases, people may opt to continue renting a home instead of buying. This pattern of behavior can drive up the cost of rent due to increased demands. Higher rent leads to more financial strain and frustration and can actually cause consumers to research purchasing a house again.
Rent spikes can also cause a decrease in the cost of a home. With so many people choosing to rent instead of buy, people selling their homes may lower the cost in order to attract buyers. While mortgage rates may still be high, a lower loan principal can greatly reduce monthly payments.
In short, mortgage rates follow a weird and complicated cycle.
The Federal Reserve may have some impact on mortgage rates, but there are more factors than we can count that determine rates. A home buyer’s down payment, credit score, home location, and more can all raise or decrease their mortgage rate. There are also a wide range of factors controlled by the lender and determined by the current housing and rental markets that affect interest rates.
Overall, home buyers should research current mortgage rates and shop around to find the right lender and rate for their budget. A mortgage expert, such as Jill Burgess of Mortgages by Jill, can help you navigate the difficulties of mortgage rates. She can understand your unique loan situation and determine the best cost of action to meet your financial needs.
Brought to you by: Ameris Bank Mortgage Service / MortgagesWinstonSalemNC
In December of last year, Ameris Bank announced its plan to merge with Fidelity Bank headquartered out of Atlanta, Georgia. This announcement marked the beginning of an incredible new chapter in the history of both Ameris Bank and Fidelity Bank. We are pleased to share that Fidelity Bank has merged with Ameris Bank. We look forward to their transition to Ameris Bank’s systems and signage in November of this year.
The culture and banking philosophies of Ameris Bank and Fidelity Bank are in sync—we are like-minded community banks with similar core values, a passion for excellent customer service and a belief in the power of our communities. At this time, customers will not notice any changes. Fidelity Bank will continue to operate normally, as a division of Ameris Bank. Our customers remain our number one priority, and we are making every effort to minimize any impact they may feel.
We welcome Fidelity Bank customers and colleagues to the Ameris Bank family! As we begin this exciting new chapter, below are some important things we would like our Fidelity Bank customers to know:
Do you have accounts at both Ameris Bank and Fidelity Bank? FDIC Deposit Insurance is $250,000 per depositor per ownership category. However, if you currently hold accounts at both Fidelity Bank and Ameris Bank and the combined total deposits exceed $250,000 per ownership category, you are subject to the special FDIC insurance rule. This rule indicates that because of the transition of the Fidelity Bank branches, deposits will be considered separately insured, as if the two banks are still operating separately, for at least six months and possibly longer for certificates of deposits (CD). For more information about FDIC insurance coverage please contact us or visit https://www.fdic.gov/deposit/deposits/.
To learn more about the financial aspects of our merger with Fidelity Bank, please click HERE or visit the investor relations portion of our website to find the financial press release and SEC filing. Customers may call Fidelity Bank at 404.248.LION (5466) or the Ameris Bank Customer Care Center at 866.616.6020 with questions or concerns. For all account inquiries, Fidelity customers should continue to contact their Fidelity Bank representative.
Again, welcome Fidelity Bank customers and colleagues!
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