Rotella Mortgage NLMS 1325

01/04/2024

12/22/2023

12/20/2023

All Mortgage Loans are not the same. Here is a quick overview of different loan options. Some lenders have additional programs within these options. Its good to know what program and or Loan option is best for you and your situation.
Reach out with any questions.

Not all home loans are the same. Use our guide to understand how your loan choice affects your monthly payment, your overall costs, and the level of risk.

12/19/2023

A quick guide to understand some of the differences and similarities of an Appraisal and a Home Inspection. Both serve a valuable purpose however the only one that can be required is an appraisal. Please reach out with any questions or to get your pre approval started today.

Appraisals and inspections are steps in the home buying process that can be confusing. Learn how to identify the key differences in appraisals vs. inspections.

12/18/2023

Looking to tap into your homes equity to consolidate debt or have some extra cash on hand. There are a few different ways to achieve this. Here is an article explaining the differences between Home Equity Line of Credit(Second Mortgage) and a Cash out Refinance(replacing your existing mortgage). If you currently have a lower interest rate than what is available today the Home Equity Line may be a better choice then a refi. Reach out and we will be more than happy to assist in determining the potential options.

Considering a home equity loan versus a refinance, or comparing a cash-out refinance with a HELOC? Learn more and decide which is right for you.

12/15/2023

Marry the House, Date the Mortgage Rate. The attached article gives some simple insight into this popular strategy. Please reach out to get the home buying process started.

Should you buy a house now, at whatever mortgage rate is available, and plan to refinance later?

12/14/2023

The Fed meetings wrapped up yesterday and it was announced that there would be no rate increase for the third consecutive month. This sent mortgage rates to their lowest point since May of 2023. check out this article for additional news.
Reach out to see what you can qualify for if you are looking for a new home.

Today brought the scheduled Fed policy announcement that we've been waiting for and mortgage rates plummeted as a result.  So does that mean the Fed cut rates?  No...  The Fed kept its policy rate perfectly unchanged, as expected. In fact, it was unlikely that the Fed....

12/13/2023

Here is a great link to debunk some Mortgage Myths. Like needing 20% down or having a perfect credit score. Take a quick look and reach out to us if you have any questions or want to get the home buying process started.

Do mortgage myths make buying a home feel out of reach? Read on to learn some truths about the mortgage process. You might be more qualified than you think!

12/12/2023

Some basic steps to prepare yourself for the home buying process. We can help assist in many of these things to provide a clear picture and a realistic plan to achieve your home ownership goals. Contact us today to start you down the right path.

Before shopping for a home and mortgage, use our step-by-step guide to check your credit, assess your finances, set your budget, and more.

12/11/2023

Applying for a mortgage to purchase a home can seem overwhelming. Here is a quick checklist of documents that you will more than likely be required to provide at some point in the loan process. Having these ready at the beginning can help provide the Loan Officer and Underwriter a clear picture of your financial scope as well as help speed up the process and get to closing faster. The following list would be required for all borrowers. However, if you are self-employed there could be additional documents needed.

1) Valid government issued ID

2) Most recent 30 days of paystubs

3) Most recent two months of Asset Statements e.g. Checking, Savings, 401K. You only need to provide statements that would be used for the down payment and closing costs. Your entire portfolio is not required unless you are using funds from all of your accounts.

4) Most recent W-2 sometimes most recent two years W-2’s are required. If you are a 1099 employee than those would be required instead of W-2’s

5) Most recent two years tax returns. The Underwriter will order tax transcripts from the IRS but providing them up front can save time in the process.

Please reach out to me with any questions.

12/08/2023

There are many factors that go into calculating what you can qualify for when purchasing a new home. One is Debt to Income or DTI. In its simplest form this calculation shows the lender your ability to repay and helps you understand your projected budget. Check out the link for more details.

Reach out and I can help get you started in the pre-approval process so you can know what you can qualify for and make sure you are looking at the right homes.

Your debt-to-income ratio (DTI) is all your monthly debt payments divided by your gross monthly income. This number is one way lenders measure your ability to manage the monthly payments to repay the money you plan to borrow.

12/07/2023

There is sometimes confusion over PMI and its costs. If you have a conventional loan and don't have 20% to put down you will have PMI. See the link for a great article and video explaining PMI. Please reach out if you have any questions.
https://myhome.freddiemac.com/buying/breaking-down-pmi #

PMI is an added insurance policy for homeowners who put less than a 20% down payment and is designed to protect the lender if you are unable to pay your mortgage.