Alyssa Deutsch at Vermont Mortgage Company

04/17/2022

Happy Easter! There’s a common myth in the mortgage business that closing a home loan at the end of the month is a way to save money. Closing at the end of the month increases the amount of prepaid interest due at closing, so closing later lessens that amount. Whenever you close, you have between 30 to 60 days until your first payment. If you close later in the month, you can come in with less money up front, but you have to make your first mortgage payment within 30 days after you close — whereas if you close on the 15th, your first payment is 45 days out. It all evens out in the end.

04/15/2022

One closing cost that is required by the State of Vermont is the Vermont Transfer Tax. It is applied any time the deed of a Vermont property is transferred to a new owner. When a home purchase closes, the home buyer is required to pay, among other closing costs, the Vermont Transfer Tax. The buyer is taxed is at a rate of 0.5% of the first $100,000 of the home’s value and 1.45% of the remaining portion of the value for a primary residence.

04/08/2022

1️⃣ Principal is the amount of money you borrowed to buy your house, or the amount of the loan that you have not yet repaid.
2️⃣ Interest is the cost you pay to borrow money from your lender, and it usually appears as a percentage of the amount you borrowed.
3️⃣ Your mortgage payment will typically include one-twelfth of the estimated annual real estate taxes, also known as property taxes, on the home you purchased.
4️⃣ Homeowner's insurance protects both you and your lender from fire or flood, which damages the structure of the house. It also protects from a liability, such as an injury to a visitor to your home, in addition to damage to your personal property, such as your furniture, clothes or appliances.
Your mortgage payment will usually include one-twelfth of your annual homeowner's insurance premium that will be put into an escrow account.
5️⃣ Depending on down payment and loan product you will may have to purchase private mortgage insurance (PMI), an added insurance policy that protects the lender if you are unable to pay your mortgage.
6️⃣ Most neighborhoods and all condominiums have a homeowner's association (HOA). HOAs provide services such as maintaining common areas, managing trash and snow removal, and help enforce rules set by the neighborhood or condominium developer. To cover these costs, you need to pay a regular fee to your HOA.

04/07/2022

Buying a home is a BIG deal, but the down payment doesn't have to be a big number. There are lots of mortgage products available that make home purchases much more affordable. Always make sure you are connecting with a lender to find the best product for you and your specific scenario.

04/07/2022

Going on two years in the mortgage world and loving every second. I find that so many people lack the education around buying a home at no fault to their own. I hope I can help to educate soon to be homeowners in this crazy market. Feel free to reach out, I'm always happy to be a resource. [email protected] or (802) 863-2020.

06/03/2021

Refinancing doesn't have to take months. I just helped my clients go from registering their loan to clear to close in 9 days!

02/26/2021