- Go to open houses – get the lay of the land
- Talk to Wright Mortgage to get pre-approved
- Interview agents (You may want to find an agent at the same time as you look for a mortgage broker – a good agent can recommend reputable brokers and help you make sense of the terms of the loan)
- Review credit report and scores with mortgage broker to determine if any repairs are needed
Thursday, November 20, 2014
Am I Really Ready To Buy?
Buying a home offers many advantages, one of the most significant being that it allows you to build equity (ownership) when you pay your mortgage each month. A common myth is that monthly mortgage payments are more expensive than rent. But, in many cases, mortgage payments can be even less than rent. When considering home ownership for the first time, you need to decide whether buying makes financial and practical sense for you right now or if you are better off renting. Consider both the advantages and disadvantages to renting as well as buying, and weigh the pros and cons for your particular situation.Become informed and understand what to look for so you will know when the best time to buy real estate is. When rates are low, you’ll pay less. When rates are high, your payment will be higher. Economic factors such as inflation, cost of living and market conditions, affect interest rates. Buying real estate in volatile economic times, a bad market or the wrong time frame could cost you everything. Not only are seasons important to consider when buying real estate, but seller circumstances and motivation are also significant factors. If you are anxious to get moving, be patient. You have a few things to do first:
Thursday, November 6, 2014
New Fannie Mae Product
New Fannie Mae Product
A Better Option
The Fannie Mae My Community Mortgage is great for those who wanting a low down payment, less than perfect credit score but are still looking for that opportunity to buy a home. The My Community Mortgage Program is a conventional product that offers underwriting flexibilities to qualified borrowers who meet specific income criteria or properties that meet geographic criteria. The changes in FHA-backed financing have many homebuyers seeking an alternative and the Fannie Mae’s My Community Mortgage Program is the answer. FNMA is also flexible on the source of down payment. It can be the borrower’s cash on hand, gift from a relative, or even from the employer. However, the one and primary restriction with the My Community program is that it does carry income limits, meaning that buyers must fall within these limits in order to be eligible and qualify for this program. The chart below shows the difference in the monthly mortgage insurance between the three mortgage loan products and the monthly mortgage payment.
The Fannie Mae My Community Mortgage is great for those who wanting a low down payment, less than perfect credit score but are still looking for that opportunity to buy a home. The My Community Mortgage Program is a conventional product that offers underwriting flexibilities to qualified borrowers who meet specific income criteria or properties that meet geographic criteria. The changes in FHA-backed financing have many homebuyers seeking an alternative and the Fannie Mae’s My Community Mortgage Program is the answer. FNMA is also flexible on the source of down payment. It can be the borrower’s cash on hand, gift from a relative, or even from the employer. However, the one and primary restriction with the My Community program is that it does carry income limits, meaning that buyers must fall within these limits in order to be eligible and qualify for this program. The chart below shows the difference in the monthly mortgage insurance between the three mortgage loan products and the monthly mortgage payment.
Example: 30 Years Fixed, $200,000 loan amount, 95% LTV, 650-699 FICO
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Your FHA Alternative
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Why choose Wright Mortgage for your client mortgage needs? Our customers would say that we are fair, transparent, reputable, and a responsible mortgage company who knows how to help people navigate through the mortgage process. Realtors and Wright Mortgage work together without a hitch, and both parties business improves from the process. Website
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Friday, October 10, 2014
Thursday, October 9, 2014
Wednesday, September 10, 2014
Tuesday, September 2, 2014
Monday, September 1, 2014
Tuesday, August 26, 2014
Friday, August 22, 2014
Tuesday, August 19, 2014
Wright Mortgage Services
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Monday, July 28, 2014
Wright Mortgage or A Bank?
Wright Mortgage or A Bank?
Wright Mortgage is a locally owned and operated mortgage company. We know that each customer has specific needs, so we strive to meet those needs with a wide array of services. Why should your client use Wright Mortgage than a bank?
A bank has only one set of underwriting guidelines and not many mortgage programs. With a bank you are accepted, declined or counter-offered on your client’s mortgage application. Wright Mortgage will send your loan to different lenders, if your client is turned down or declined. Wright Mortgage has regular contacts with a wide variety of lenders. As a mortgage broker, we communicate to several lenders, who have different mortgage programs. One of these programs could be the perfect fit for your client’s financial situation.
Neighborhood retail banks usually offer only a few loan programs. Many lenders may not have a perfect loan program for a client with a particular situation, rather than sending the client to another bank with the right mortgage program, bank loan officers would sell the next best loan that the bank has to offer which may not be a good loan for the client at all. This is the primary advantage of working with Wright Mortgage, you always have choices. You’ll have more mortgagee options and programs to choose from and will be able to choose from a pool of lenders —sometimes dozens of them. Another advantage of using a mortgage broker is that they often specialize in “niche” products and programs such as FHA and VA loans that can be accepted with low credit rating.
One other major difference is that mortgage brokers must disclose all of their compensation to their borrowers. This includes any monies paid to them by the investor. Banks do not have this requirement.
Pros of Working with Wright Mortgage
A bank has only one set of underwriting guidelines and not many mortgage programs. With a bank you are accepted, declined or counter-offered on your client’s mortgage application. Wright Mortgage will send your loan to different lenders, if your client is turned down or declined. Wright Mortgage has regular contacts with a wide variety of lenders. As a mortgage broker, we communicate to several lenders, who have different mortgage programs. One of these programs could be the perfect fit for your client’s financial situation.
Neighborhood retail banks usually offer only a few loan programs. Many lenders may not have a perfect loan program for a client with a particular situation, rather than sending the client to another bank with the right mortgage program, bank loan officers would sell the next best loan that the bank has to offer which may not be a good loan for the client at all. This is the primary advantage of working with Wright Mortgage, you always have choices. You’ll have more mortgagee options and programs to choose from and will be able to choose from a pool of lenders —sometimes dozens of them. Another advantage of using a mortgage broker is that they often specialize in “niche” products and programs such as FHA and VA loans that can be accepted with low credit rating.
One other major difference is that mortgage brokers must disclose all of their compensation to their borrowers. This includes any monies paid to them by the investor. Banks do not have this requirement.
Pros of Working with Wright Mortgage
- Wright Mortgage does all the legwork for you, working on your client behalf with the lender.
- Wholesale interest rates are lower than retail (bank) interest rates.
- Your client gets more loan options because Wright Mortgage works with numerous banks and lenders.
- Wright Mortgage can finance tricky deals because of their knowledge and various lending partners.
- Are typically easier to get in contact with Wright Mortgage, less bureaucratic.
- Lender Credit to help with your Client’s Closing Cost.
Sunday, July 27, 2014
Tuesday, July 22, 2014
Monday, July 21, 2014
Friday, July 18, 2014
Wednesday, July 16, 2014
Thursday, July 10, 2014
Wednesday, July 9, 2014
Tuesday, July 8, 2014
Saturday, July 5, 2014
Down Payment Assistance Program
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Program Highlights
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The Best Interest Rates in Town
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Wright Mortgage is a locally owned and operated mortgage company. We know that each customer has specific needs, so we strive to meet those needs with a wide array of services. Wright Mortgage specializes in acquiring low interest rates and closing costs possible for each clients. The biggest advantage of using Wright Mortgage is that we give your clients more options, we will review your client’s financial situation(credit rating, income, debt) and will quickly find the best interest rate and loan term for your client. Wright Mortgage has regular contacts with a wide variety of lenders. As a mortgage broker, we communicate to several lenders, who have different mortgage programs. One of these programs could be the perfect fit for your client’s financial situation.
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Wholesale or Retail rates?
If your client goes to a bank or credit union, they would recieve a retail interest rate which is often higher than the wholesale rate from a mortgage broker. Also, your client has the availability to receive lender credit(extra money) to pay for their closing cost if you use a mortgage broker.Wright Mortgage offers competitive mortgage rates and closing costs for each client
Our website is the quick and easy place to get your client started toward qualifying and applying for a home loan.  |
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