Buckhead Mortgage Group, LLC

02/12/2022

Variables to think about when Financing your new home.

Why do mortgage rates and loan process efficiency differ from banks, to correspondent lenders, to mortgage brokers? It all comes down to overhead the organization has and the costs the organization has to run a loan thru it.

1. The higher the overhead of the organization is, the higher rate they need to charge you to make money.

2. The more people in the organization who touch an individual file , the more chance there is for delays.

You want your mortgage company to be lean, efficient, and informative every step of the way.

Your Friend in the Mortgage Business! :)

10/14/2021

New conforming loan limit is now 625,000. You can put as little as 5 percent down and get a loan for 625k. Underwriting will be automated thru Fannie Mae or Freddie Mac and loan conditions validated with an underwriter. This is much easier than jumbo underwriting.

Your Friend in the Mortgage Business

404.273.6185

[email protected]

03/06/2021

Game Plan for Home Shopping.

1. Call your Loan officer 1st
2. Try to have all your funds seasoned 60 days before closing.
3. Don't apply for a major purchase 6 months prior to looking for a home to optimize credit score.
4. Keep all revolving balances below 30 percent.
5. Be prepared to make your best offer up front.

Your Friend in the Mortgage Business.

02/24/2021

Now offering 1 time construction to perm closings. :)

02/23/2021

12/20/2019

For those of you considering buying a home next year or know someone who is.

2020 Home Buying Playbook!
How do you make your mortgage process smoother? Home Buying Playbook
1. Make all large non-payroll deposits at least 90 days before loan application. Avoid having to source. ..
2. If recieving a gift from a relative, deposit at least 90 days prior to looking for a home also to avoid having to get gift letter documentation.
3. Avoid transfers back and forth between accounts you plan to use and other accounts to avoid having to provide the corresponding account.
4. Don't make any major purchases on credit at least 12 months prior to shopping for a home to optimize credit. Try to also avoid opening up a new revolving credit card 12 months prior to application if you can or taking out a large installment loan of any size.
5. Avoid carrying a balance on your credit cards 60 days prior to credit pull if you can to optimize your rate.
6. Keep your overall monthly expenses including new home mortgage at 43 percent of gross monthly income or less. You maybe eligble for a higher debt to income ratio depending on your assets, your credit score, and your down payment.
7. Shop the inhouse mortgage company at the realtors office , they pay to be there and it's reflected in the rate. Most seasoned mortgage professionals can do your loan in the same time frame. Don't feel pressured because you were in a multi-bid situation.
8. Look over your tax returns, unreimbursed business expense section is counted against your income.
9. Be careful of buying in with multiple people on an investment property. If this property is reflected on your personal tax returns, there is a good chance you have to qualify for your new mortgage with the total mortgage payment, taxes ,and insurance of the investment property being counted against you.
10. If planning to buy a home soon, start a file. If you get a W2 or 1099, put your last two in the file, put your last two federal tax returns in the file, copy of two forms of ID, if you own other properties, a copy of mortgage statement, most recent property tax bill and insurance bill along with a hoa statement if one exists. You will feel less overwhelmed if you start this file 6 months in advance. You may not need any of it, but its good to know where the key components of a mortgage application are.
Making Friends one Mortgage Referral at a time!
Your Friend in the Mortgage Business.

05/20/2018

Your Friend in the Mortgage Business. :)

07/30/2017

House Hunting Steps. NMLS # 148072
1. Call me to get finances in order
2. Pick an area you want to live based on schools, resell, and affordability.
3. Call a real estate professional that knows that specific area or call me to refer someone that knows that specific area.
4. Procure the property and do your due diligence.
5. Get loan docs app and supporting docs in to me.
6. Start Packing and schedule movers and any contractors you plan on hiring for cosmetic changes to your new home.
7. Come to closing with a huge smile on your face because you were prepared, got your supporting loan documentation in a timely fashion, and found the home of your dreams.

Your Friend in the Mortgage Business. :)

07/23/2017

What does it mean to have seasoned funds?

Make it easy on yourself if getting gift funds, making a large transfer, or have large deposits. If you want to limit paperwork try and make these deposits or transfers two billing cycles in your bank accounts prior to loan application. You will avoid having to document with gift letters, cancelled checks, corresponding bank statements, and/or letters of explanation. Its ok if you have to do this, it just make the loan process easier for you if done beforehand. :)

Happy House Hunting!

Your Friend in the Mortgage Business. :)

03/22/2012

Here are 5 online sites that will help you with your finances and your real estate buying experience.

http://www.linkedin.com/news?actionBar=&articleID=5587949929659113553&ids=djAVcP0OdzwOd3wVczcOe3wRdiMPdjkPcj4VdjoVczAVd3ATe3kRb3oPdzAUc3wUdzcOe3kVcjwUdjkIcz4Se3cOcz4PejkScj0NdjwRdiMNczkSc3sPdP0Udj0MdzwQe3kR&aag=true&freq=weekly&trk=eml-tod2-b-pub-3&ut=1rXAme0gznSl81

03/06/2012

Clean up your credit , get free report from annualcreditreport.com. challenge all derogatory info with all three bureaus. Also dispute with creditor. If currently going thru mortgage financing hold off, but if not this will help increase your scores in 4 to 8 weeks and its free.