Rhonda Faulk Mortgage Team Powered By Canopy Mortgage

Rhonda Faulk Mortgage Team Powered By Canopy Mortgage At Rhonda Faulk Loan Officer Powered by Canopy Mortgage, I’m here to guide you every step of the way. Let’s find the perfect mortgage solution for your needs.

NMLS # 1426815

One of the terms that trips up a lot of first-time buyers is earnest money. It sounds like a deposit on the home, and in...
09/17/2026

One of the terms that trips up a lot of first-time buyers is earnest money. It sounds like a deposit on the home, and in a way it is, but it works differently than most people expect.

Earnest money is a good-faith deposit you put down when your offer is accepted. It shows the seller you're serious and gives them some financial protection if you back out without a valid reason.

How much is typical? Usually 1% to 3% of the purchase price, though it varies by market. In competitive situations, a higher earnest money deposit can make your offer more attractive.

What happens to it? The money is held in escrow by a neutral third party. If the sale goes through, it gets applied toward your down payment or closing costs at closing. It is not an extra cost on top of those.

Can you get it back? It depends on your contract. Most purchase agreements include contingencies that protect your earnest money if the deal falls through for specific reasons, like a failed inspection or financing issue. If you back out without one of those contingencies, you could lose it.

Understanding this upfront prevents a lot of confusion when you get to the offer stage. I walk every buyer through it before they make their first offer.

📞 (850) 830-3589
✉️ [email protected]
🌐 homeloanswithrhonda.com

True or false: renting is always cheaper than buying.Drop your answer in the comments and we'll break it down.Here's a h...
09/13/2026

True or false: renting is always cheaper than buying.

Drop your answer in the comments and we'll break it down.

Here's a hint: the answer depends a lot on where you live, how long you stay, and what you factor into the comparison. Monthly payment vs monthly payment is not the whole picture.

What mortgage myths do you want us to tackle next? Drop them below.

After you submit your mortgage application and documents, your file goes to underwriting. For a lot of buyers this is th...
09/12/2026

After you submit your mortgage application and documents, your file goes to underwriting. For a lot of buyers this is the most nerve-wracking part because you're waiting and you're not sure what's happening.

Here's what underwriters are actually doing.

They're verifying everything you submitted. Income documents, bank statements, tax returns, employment history. They're confirming the numbers are consistent and match what you represented on the application.

They're reviewing the property. An appraisal is ordered to confirm the home is worth what you're paying. The underwriter checks that the property meets the loan program's requirements.

They're assessing risk. Based on your credit, income, assets, and the property value, they're deciding whether the loan meets the guidelines for approval.

They may ask for more documents. This is called a conditional approval. It doesn't mean something is wrong. It usually means they need one more piece to complete the picture. Respond quickly and completely when this happens.

The final decision is either approved, approved with conditions, suspended, or denied. Most files that are properly prepared upfront come back approved.

The best way to make underwriting smoother is to be thorough and honest on your application from the start. I prep every client for what to expect before the file ever goes in.

After working with hundreds of first-time buyers, one thing stands out more than anything else.Most people who delayed b...
09/11/2026

After working with hundreds of first-time buyers, one thing stands out more than anything else.

Most people who delayed buying for years weren't actually financially unready. They just never had someone sit down with them and show them what was actually possible.

They assumed they needed more saved. They assumed their credit wasn't good enough. They assumed the market wasn't right. They assumed they'd be turned down and didn't want to find out.

And in many of those cases, they could have bought years earlier than they did.

I'm not here to pressure anyone into a decision they're not ready for. But I am here to replace assumptions with actual information. A 15-minute conversation is usually all it takes to know where you stand.

If you've been putting this off without knowing for sure whether you're ready, that conversation is worth having.

📞 (850) 830-3589
✉️ [email protected]
🌐 homeloanswithrhonda.com

First-time buyers often assume that the highest offer wins every time. In some cases that's true. But sellers look at mo...
09/09/2026

First-time buyers often assume that the highest offer wins every time. In some cases that's true. But sellers look at more than just the number.

Here's what can make your offer stand out even if you're not the highest bid:

Strength of financing. A fully underwritten pre-approval from a credible local lender tells a seller your financing is solid and the deal is likely to close. A basic pre-qualification letter from an online lender carries far less weight.

Fewer contingencies. The more conditions attached to your offer, the more risk the seller takes on. That doesn't mean waiving inspections is always smart, but understanding which contingencies matter most to the seller gives you leverage.

Closing timeline. Some sellers need to close fast. Others need time to find their next home. Matching your timeline to what the seller actually needs can be just as valuable as a higher price.

Earnest money. A larger earnest money deposit signals you're serious and financially capable of following through.

Clean offers. Sellers and their agents deal with complicated offers all the time. A clean, well-organized offer from a buyer with strong financing is often preferred over a messy high offer.

Your financing is one of the things you can control completely. I make sure it's as strong as possible before you start making offers.

📞 (850) 830-3589
✉️ [email protected]
🌐 homeloanswithrhonda.com

Homeownership means something different to everyone. For some it's stability. For others it's building generational weal...
09/06/2026

Homeownership means something different to everyone. For some it's stability. For others it's building generational wealth, having a place that's truly yours, or finally putting down roots somewhere.

As a military family, I know firsthand how much it means to find a place and call it home.

What does owning a home mean to you? Drop it in the comments.

And if you're still working toward it, I'd love to help you get there. That's exactly why I do this.

📞 (850) 830-3589
✉️ [email protected]
🌐 homeloanswithrhonda.com

If you've sold or are thinking about selling an investment property, you've probably heard the term 1031 exchange. Here'...
09/05/2026

If you've sold or are thinking about selling an investment property, you've probably heard the term 1031 exchange. Here's a plain explanation of what it is and where financing fits in.

A 1031 exchange allows you to sell an investment property and defer the capital gains tax on the profit, as long as you reinvest the proceeds into a like-kind property within a specific timeframe. The IRS gives you 45 days to identify a replacement property and 180 days to close on it.

The tax deferral can be significant, especially if you've held the property for years and it has appreciated substantially.

Where financing comes in: if the replacement property costs more than what you're selling, you'll need a mortgage to cover the difference. Lenders treat these transactions like any other investment property purchase, so the standard qualifying criteria apply.

A few important notes: 1031 exchanges have strict rules and timelines. I always recommend working with a CPA or tax attorney who specializes in real estate before moving forward. What I can do is make sure the financing side is handled efficiently so you don't miss your closing window.

📞 (850) 830-3589
✉️ [email protected]
🌐 homeloanswithrhonda.com

A lot of first-time buyers assume that as long as they make enough money, getting approved is straightforward. The reali...
09/04/2026

A lot of first-time buyers assume that as long as they make enough money, getting approved is straightforward. The reality is that how you earn your income matters just as much as how much you earn.

Here's what lenders actually look at:

W-2 employees are the most straightforward. Two years of employment history, recent pay stubs, and W-2s are usually enough to document income.

Self-employed borrowers have more to prove. Lenders typically want two years of tax returns and will use your net income after deductions, not your gross revenue. If you write off a lot, your qualifying income may be lower than you expect.

Freelancers and gig workers face similar challenges. Variable income needs a two-year history to be averaged and used for qualification purposes.

Commission-based income is generally averaged over two years as well. If your commissions have been inconsistent, that affects the number lenders can use.

Bonus and overtime income can be counted but usually needs a two-year history of being received.

If your income situation is anything other than a standard W-2, it's worth talking to me early so you know exactly where you stand before you start making offers.

📞 (850) 830-3589
✉️ [email protected]
🌐 homeloanswithrhonda.com

If you currently have an FHA or VA loan, you may be eligible for a streamline refinance. Most homeowners haven't heard o...
09/02/2026

If you currently have an FHA or VA loan, you may be eligible for a streamline refinance. Most homeowners haven't heard of it, but it's worth knowing about.

A streamline refinance is a simplified process designed for borrowers who already have a government-backed loan. The idea is to reduce the paperwork, skip the appraisal in most cases, and get you into a lower rate faster than a traditional refinance.

FHA Streamline Refinance: You must already have an FHA loan, be current on your payments, and the refinance must result in a lower monthly payment. No income verification or appraisal required in most cases.

VA IRRRL (Interest Rate Reduction Refinance Loan): This is the VA version. Also called the VA streamline. You must have an existing VA loan and be refinancing into a lower rate. Limited documentation required and no out-of-pocket costs in most cases since fees can be rolled into the loan.

As someone who is an Army wife, the VA IRRRL is something I talk about often with military families who bought a few years back and are sitting on a higher rate. If that's you, reach out.

📞 (850) 830-3589
✉️ [email protected]
🌐 homeloanswithrhonda.com

Address

Niceville, FL

Opening Hours

Monday 8:30am - 5pm
Tuesday 8:30am - 5pm
Wednesday 8:30am - 5pm
Thursday 8:30am - 5pm
Friday 8:30am - 5pm

Telephone

+18503534346

Website

Alerts

Be the first to know and let us send you an email when Rhonda Faulk Mortgage Team Powered By Canopy Mortgage posts news and promotions. Your email address will not be used for any other purpose, and you can unsubscribe at any time.

Contact The Business

Send a message to Rhonda Faulk Mortgage Team Powered By Canopy Mortgage:

Shortcuts

Share

Category